Pendle has reported significant growth in its real-world asset (RWA) total value locked (TVL), reaching 97% as of May 19. The platform holds 2,453,331 STRC tokens in a non-custodial manner, positioning itself as a key venue for on-chain digital credit yield discovery and liquidity. Additionally, the USDG liquidity pool, backed by U.S. Treasuries, expanded to a $230 million TVL over a single weekend. The $120 million credit limit for Pendle PT-USDG on Aave has been fully utilized, reflecting the growing market for U.S. Treasuries and structured credit assets. This expansion underscores Pendle's leadership in the on-chain yield trading sector.