# RWA-Backed Dollar Markets Make Up 82% of Pendle V2 TVL By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/43832 Published: 2026-10-29T20:03:24.000Z Updated: 2026-10-29T20:03:24.000Z Section: Investing > Pendle V2 ended the third quarter with $1.16 billion in TVL. Its quarterly revenue fell by about half as Pendle’s total TVL rose 43%. 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](). ## Links in this article - [Pendle’s expansion beyond 100 real-world asset markets](https://www.tokenpost.com/news/business/38426)