Pendle is solidifying its position as a central hub for real-world asset (RWA) yields in the on-chain fixed-income market, according to DeFi researcher Stacy Muur. As the stablecoin market exceeds $310 billion, Pendle's PT/YT yield-splitting mechanism is attracting significant inflows from traditional financial assets like U.S. Treasuries and corporate bonds. This mechanism converts variable yields into fixed-rate products, catering to institutional demands for predictable returns. Notable integrations include Apollo Global Management's $840 billion credit funds via the Ember protocol, and Paxos's USDG stablecoin, which achieved a TVL of over $120 million shortly after launch. Ethena has also contributed over $4.7 billion in TVL to Pendle. With regulatory frameworks like the GENIUS Act potentially limiting centralized platforms, Pendle's decentralized approach positions it as a leading venue for trading yields on USD stablecoins. To date, Pendle has settled over $69.8 billion in yields.