Yield-bearing stablecoins have demonstrated significant growth, increasing from $1.5 billion to $11 billion since the beginning of 2024, which represents 4.5% of the total stablecoin market.
Current Achievements of Yield-Bearing Stablecoins
Pendle, a decentralized protocol that enables users to lock in fixed yields or speculate on variable interest rates, now accounts for 30% of all yield-bearing stablecoin total value locked. According to the firm, this is roughly $3 billion out of a total of $4 billion locked. Stablecoins make up 83% of Pendle's total value locked, up from less than 20% a year ago.
Regulatory Changes and Their Impact on the Market
The rise in yield-bearing stablecoins comes amid growing regulatory clarity in the US. In February, the SEC approved yield-bearing stablecoins as certificates subject to securities regulation. This approval allows for operation under specific rules, paving the way for new bills like STABLE and GENIUS.
Prospects and Strategic Shifts of Pendle
Pendle has shifted from airdrop farming to serving decentralized finance yield markets. The USDe stablecoin currently accounts for approximately 75% of Pendle’s total value locked. The company also plans to expand beyond Ethereum, supporting networks like Solana and integrating with Aave and Ethena.
Yield-bearing stablecoins continue to gain popularity among investors, with strong expectations for future growth. Pendle, through its strategic changes and support for new platforms, is positioned for further expansion in the market.
