[PRESS RELEASE – Singapore, Singapore, October 21st, 2025]
Pendle is making progress in the tokenization of yield within the decentralized finance (DeFi) ecosystem by introducing mechanisms aligned with traditional financial principles. The global fixed-income market is projected to reach $198.58 trillion by 2030, showcasing Pendle’s potential to connect conventional financial instruments with decentralized systems.

This week, Pendle announced a significant achievement: the protocol has settled $69.8 billion in fixed yield and facilitated over $6 billion in Total Value Locked (TVL), solidifying its position as a crucial player among real-world asset (RWA) applications in DeFi. This accomplishment comes as Pendle enhances its capabilities by integrating USDe yield markets in partnership with Ethena, providing tokenized access to fixed yields within a transparent, crypto-native environment.

“We’re building a world where fixed income is programmable and permissionless,” Pendle stated in a recent announcement. “By integrating USDe yield markets and establishing a fixed-rate layer for RWAs, we’re setting the groundwork for institutions to access DeFi-native fixed income at scale.”

Fixed-Income Market Potential

Pendle targets an extensive segment of the global finance landscape: the fixed-income market, valued at $145.26 trillion in 2024 and anticipated to approach nearly $200 trillion by 2030, growing at a 5.3% compound annual rate.

As of Q1 2025, the global non-household debt market—closely tied to fixed income via corporate and sovereign bond issuance—exceeded $150 trillion. This enormous and intricate market is largely dominated by major players including JPMorgan Chase, Goldman Sachs, BlackRock, Fidelity Investments, and The Vanguard Group.

Despite its size, the fixed-income sector grapples with challenges like low transparency, accessibility issues for smaller participants, and reliance on intermediaries. Pendle’s strategy aims to introduce a more transparent and efficient model through tokenized and decentralized fixed-income instruments.

Pendle’s Distinct Approach

Pendle allows yield-bearing assets to be split into two parts: Principal Tokens (PT) and Yield Tokens (YT). This design enables fixed yields to be programmed and traded within a decentralized setting, reflecting a fundamental element of the traditional fixed-income market.

By collaborating with various DeFi protocols, Pendle has broadened its fixed-rate yield offerings, developing markets for stablecoins and real-world assets (RWAs).

These advancements have garnered increasing participation from both individual and institutional users. With over $69.8 billion in fixed yield settled and more than $6 billion in total value locked (TVL) across Ethereum and other networks, Pendle has positioned itself as a leader in decentralized fixed-income solutions.

A New Financial Frontier

The tokenization of the fixed-income market has significant implications for global finance. Traditional fixed-income products are reliable but often face limitations regarding accessibility and settlement efficiency. In contrast, tokenized fixed income offers features such as:

• Continuous liquidity and trading
• Global accessibility
• Fractional ownership with lower participation thresholds
• Interoperability within decentralized finance (DeFi) systems

As institutional engagement with digital assets grows, platforms like Pendle are aiding the development of infrastructure that links traditional finance with DeFi. Using fixed-rate instruments enhances predictability and supports risk management—essential aspects for institutional market participants.

Currently, stablecoin-based fixed yields offered by Pendle reach up to approximately 20%, compared to around 12% for CCC-rated high-risk corporate bonds. Pendle’s ongoing expansion and record of yield settlements underscore the operational reliability of its fixed-yield framework, presenting an alternative model for fixed-income exposure in decentralized markets.

Looking Ahead

Pendle’s initiatives represent more than another innovation in DeFi—they offer a framework for broader capital accessibility across traditional and decentralized markets. As the global financial system gradually digitizes, merging fixed-income markets with crypto infrastructure could reshape how value is stored, exchanged, and increased.

If Pendle continues on its present course, it may enable the $140 trillion fixed-income market’s integration with digital assets, paving the way for the evolution of fixed-income products within the decentralized ecosystem.

Recently, Pendle introduced Boros, an innovative product that facilitates the trading of funding rates from exchanges, providing foresight into future rates in DeFi.

About Pendle

Pendle is the foremost crypto yield trading platform globally, enabling the tokenization and trading of future yield. Pendle facilitates fixed-rate and yield speculation strategies within a permissionless and composable environment. The protocol accommodates real-world assets, synthetic dollars, and a wide range of DeFi-native opportunities.