$PENDLE: Yield Infra Breakout, Stablecoin & BTCFi Flywheel Expands
- $PENDLE is up +16% in 7D and +30% in 90D, grinding higher on fundamentals.
- TVL climbed +28.5% MoM to $5.2b, with >87% in stablecoins, strongest growth among DeFi protocols in that span.
- Yield-bearing stablecoins (YBS) now make up $3.5b+ of TVL, with Pendle capturing 30% of the entire YBS market; ex-Ethena TVL up ~50x YoY.
- Recent integrations with Aave v3 and Morpho unlock fixed yield as collateral, while Ethena, Converge, and TerminalFi deepen institutional traction.
- Principal Tokens now exceed $2.67b in use; $2.1b+ on Aave alone, positioning Pendle as core infra for fixed income DeFi.
- BTCFi thesis remains long-term; Pendle previously captured 42% of all restaked BTC, with early infrastructure laid for next wave.
- Boros (on-chain funding rate trading) and Citadel (non-EVM expansion incl. Solana, TON, HyperEVM) set to unlock new TAMs across perps, CeFi, RWAs.
- Citi projects the stablecoin mkt to grow to $1.6T by 2030, implying a 45% CAGR. We think the opportunity could translate to 3-5x fee growth, conservatively thru that period.
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