Pendle

Pendle Print #116 • sUSDD (Aug 2026) goes live on Pendle with $300k incentives • Pendle hits over $500M in $STRC linked TVL • USDG (Sep 2026) returns with $10k weekly incentives • $40M swap, 21% Effective Fixed APY for apyUSD (Jun 2026) • Saturn and Apyx expand Pendle pool offerings to BNB Chain • Limited time boost - 2x for Saturn points Read more on Substack: https://lnkd.in/gqXt6Bwi

The first wave of tokenization brought US Treasuries onchain. The next wave will bring a much broader set of global credit markets into DeFi. We believe Asia credit is one of the most compelling opportunities in that next wave. Asia’s credit markets are deep, diverse, and structurally under-accessed by global crypto users. With our Pendle integration, that yield can now be structured in a DeFi-native way. Users can access: - Fixed yield through PT-loAZND - Yield exposure through YT-loAZND This is not just about bringing assets onchain. It is about making real world cash flows programmable and tradable. Thank you CoinGecko for the breakdown. Full article here 👇🏻 https://lnkd.in/gwMhWyGV

Pendle crossed $500M TVL in Strategy STRC yield coins! Of all STRC-linked TVL onchain, Pendle accounts for ~70%, translating to $261M in STRC held across our markets, or ~2.5% of STRC's total market cap. Proud to be the primary home for $STRC yield onchain, and looking forward to growing alongside Michael Saylor and his team.

Pendle Highlights (Q1 2026), by Token Terminal: - Pendle introduced sPENDLE in January 2026, moving the Q4-announced vePENDLE replacement into production. - USDG launched on Pendle in March 2026, adding a regulated stablecoin issued by Paxos to Pendle's stablecoin yield markes - Pendle continued to expand Boros beyond crypto-native funding rates, with market coverage extending into commodity-linked, metals, and equity-index-linked rate categories. - Boros accounted for the majority of Q1 notional trading volume, becoming Pendle's largest product by volume. Boros moved from a 7.71% share in Q3 2025, to 31.60% in Q4, to 70.31% in Q1 2026. Pendle's next phase will likely be shaped by how effectively it expands the market surface for tradable yield. RWA and institutional-grade assets became a more important part of that story in Q1, with USDG showing how regulated stablecoin issuers can use Pendle as a liquidity and distribution venue, and STRC-linked yield coins extending the same pattern into tokenized treasury exposure. The path to TVL recovery is therefore less about restoring the same risk-on flows that drove earlier cycles, and more about onboarding assets that can bring stickier capital and recurring fixed-yield demand. Boros is the clearest expression of Pendle's expansion beyond spot yield tokenization. Q1 showed that the product can serve users who want to manage floating-rate exposure in markets that are not purely crypto-native, with crude oil standing out as a practical example of how commodity supply shocks can create demand for fixed funding-rate exposure. As more perp markets emerge across commodities, equities, and broader macro rates, Boros can grow as a rates venue alongside them, while the OTC Desk gives larger participants a path to execute structured hedges that are difficult to place through an AMM alone. Read more below.

📅📊 Pendle Q1 2026 Report is out! 👥 Pendle team commentary: "Boros' growth reflects a broadening of the user base as more participants discover what the platform can do. The crude oil backwardation trade was the most visible example of this in Q1. Events like this accelerate adoption because they demonstrate a concrete, real-money use case to a category of participants who might never have been aware of such a function." Learn more 👇 https://lnkd.in/dtca69_g

Strategy STRC digital coins now total $468M on Pendle. Pendle now holds more over 2.45M of STRC (~2.3% of market cap) through our 13 markets, including pools by APYX, Saturn and xStocks.

Pendle Print #114 • Pendle now holds ~$440M TVL in STRC markets; ~2.45M STRC non-custodially • More users are holding Pendle positions than the underlying tokenized STRC assets - a deep dive into "The Pendle Effect" on STRC onchain • USDG crosses $200M TVL on Pendle • New pools: STRCx (Aug 2026), srRoyAPYUSD (Nov 2026), fxSAVE (Oct 2026) • Revised outlook for YT-SIERRA

Pendle's yield infrastructure wasn't built for any single asset class. LSTs, LRTs, stablecoins, BTCfi. Each cycle, a new yield-bearing asset emerges, Pendle adds the market, and new strategies form around it. STRC is the latest proof point. Preferred share dividends from a publicly listed company, now tradeable as fixed or leveraged yield onchain. A traditional financial instrument, made fully composable with DeFi. What the data shows across APYX and Saturn isn't just TVL growth. It's a change in how demand is structured. Users aren't just holding the underlying asset. They're actively expressing views on yield, duration, and risk through PT, YT, and LP positions. The infrastructure doesn't discriminate. If an asset generates yield, it can be Pendled. That's the Pendle Effect. Read more at:

Pendle 🫱🏻🫲🏻 Strategy $PENDLE has been one of the biggest drivers for digital credit yield economy onchain, with ~$318M of $STRC linked TVL now. The protocol enables new strategies previously unavailable for $STRC both onchain and off, with a range of distinct risk profiles for various market views. Fixed yield for $STRC (up to 18% Fixed APY), directional yield speculation, and/or enhanced diversified yield as a liquidity provider. Yield infra for the global yield economy 🫡