Historically one of the largest investor worry for @pendle_fi is around the Ethena USDe expiry. Given the magnitude of total TVL tied to Ethena ($2-3 b) and TVL associated with single expiry ($1B+) - understandably this is a concern This is best measured by Pendle's capture of total USDe issuance. Historically we've seen large drop offs in % share capture (10-20pts), followed by 2-4 months to regain to previous levels As the Ethena product has matured (7-9% fixed PT yields) and the use case on Pendle has shifted away from "New Customer Acquisition" towards "Core", these expiries have become non-events The most recent May 28, 2025 expiry (with $1B+ USDe rolling off) has seen peak-to-trough penetration decline of 8% - one of the smallest in history Even more impressive, Pendle TVL tied to Ethena is only down -6% ($2.8b to $2.6b) and will likely recover to ATH in just a matter of days After 1 yr+ of case study, track record and platform maturation - this is an incredible achievement by @tn_pendle and team Pendle is THE platform of choice for all yield-bearing stablecoins to 1) acquire new customers and 2) build the deepest yield marketplace Stablecoin Expansion ↔️