Pendle 2025 Outlook: Leading the Stablecoin DeFi Wave, Dominating the Yield Market

Article Source: Pendle

Pendle: Leading the Yield Market, TVL Hits $52.9 Billion All-Time High

Pendle's leadership in the yield space continues to strengthen. Since the beginning of 2025, Pendle's Total Value Locked (TVL) has grown by 23%, reaching a new all-time high of $52.9 billion. The TVL share has also significantly increased, currently occupying 58% of the market share. In the first half of 2025, the total TVL expiry amount is $78 billion, a 25% increase compared to the peak of the 2024 Yield Farming Craze in the first half of the year. Despite Pendle having a large-scale treasury expiry, the TVL continues to grow as users keep rolling over, equivalent to on-chain rollovers of over $78 billion in bond value, with Pendle acting as a crypto fixed-income exchange. During this period, each PT and LP exchange has been successfully carried out.

Pendle: Stablecoin DeFi Wave Providing Core Yield Infrastructure

Pendle's TVL continues to be dominated by a large amount of stablecoins, currently accounting for over 87% in stablecoin terms. Pendle is a narrative driver, always at the forefront of the strongest DeFi trends, similar to what Pendle has done for LST, LRT, BTCfi, and now stablecoins. With the introduction of the "GENIUS Act" and giants like Amazon, Walmart, and Revolut exploring their stablecoin plans, this vertical area is quickly becoming the next gold rush in cryptocurrency, and Pendle is able to meet this surging demand, providing core yield infrastructure for the upcoming wave of institutional-grade, stablecoin-driven DeFi.

Pendle: Key Liquidity Engine for Yield Protocols

The most notable aspect is that 50% of Ethena's TVL is attributed to Pendle. OpenEden launched its first pool on Pendle in early April, and since then its TVL has almost quadrupled. As of today, Pendle holds over 70% of the total USDO supply. At the same time, the Pendle financial system has seen significant growth in the past two quarters. The total value locked in PT deployed as collateral since the Zenith update has doubled from $12 billion to $25 billion in just four months, with its share of collateral across all lending platforms rising from 3.3% to 5%. Recently, Pendle laid the groundwork to support LP tokens as collateral, with Silo Finance being the first platform to deploy this integration. LP collateral has a different risk profile than PT collateral, allowing users to take advantage of yields while retaining potential upside exposure. One of Pendle's key remaining tasks for the year is to accelerate the adoption of LP as collateral across more platforms and ecosystems.

Yield farming as a vertical continues to garner attention, with Pendle seeing user growth of over 70,000 in the past six months and a trading volume exceeding $160 billion. The launch of the deployed portal further supported this momentum, enabling community-led deployments to play a critical role in expanding Pendle more efficiently. Concurrently, Pendle has deployed 150 pools, a 114% increase compared to the same period last year. As Pendle gradually expands the utility of this feature, it is expected to accelerate Pendle's organic growth.

Meanwhile, vePENDLE holders continue to directly benefit from Pendle's growth momentum, earning $13.1 million in fees over the past six months, a 66% increase from the first half of 2024. This figure includes protocol fees and airdrops provided by the Pendle team. With Citadels and Boros set to launch soon, these income streams flowing into the vePENDLE ecosystem will further increase.

Pendle: Future Outlook

With retail giants entering the stablecoin race track with the support of the "GENIUS Act," new opportunities may drive further development in the stablecoin market.

The Fed is about to take a dovish stance, which could spark more investor interest in DeFi as investors flock to the higher-yield on-chain investment space. This trend may also boost demand for Pendle Tokens (PT) as PT provides investors with an attractive fixed income opportunity to lock in before the rate cut.

Pendle is about to enter the final phase of Boros stress testing, opening up a new source of yield farming speculation.

The first batch of Citadels will be launched, including but not limited to Pendle PT, available for non-EVM chains.