RWA-Backed Dollar Markets Make Up 82% of Pendle V2 TVL

At the Sept. 30 UTC daily close, around 8 p.m. ET, markets tied to real-world-asset-backed dollars accounted for 82% of Pendle V2’s $1.16 billion in total value locked (TVL). The figure highlights how much of the protocol’s quarter-end value was concentrated in those markets.

Pendle’s total TVL rose 43% from $809 million at the June 30 close, marking its first quarterly increase in a year. RWA-backed dollar markets added $395 million during the quarter.

The rise in locked value came alongside lower revenue. Pendle V2 generated $2 million in third-quarter revenue, about half its second-quarter amount. The figures show different directions for the protocol’s locked value and revenue during the period.

A large share of quarter-end TVL was scheduled to mature by Dec. 17. That amount was $1.06 billion, equal to 91% of the Sept. 30 total.

The quarter’s notable markets included reinsurance-backed assets from re.xyz, Treasury-backed assets from Agora and Global Dollar, and loans to hardware operators through USD.ai. These examples span insurance-linked assets, Treasury-backed offerings and lending to equipment operators.

Pendle lets users trade the principal and yield components of yield-bearing assets separately. The protocol’s markets have defined maturities, which set when those positions mature. TokenPost previously covered Pendle’s expansion beyond 100 real-world asset markets.