Yield-bearing stablecoins surge to $11B, now 4.5% of market: Report
Yield-bearing stablecoins have surged to $11 billion, driven by regulatory shifts and rising user demand, with Pendle capturing 30% of the market.
Yield-bearing stablecoins have soared to $11 billion in circulation, representing 4.5% of the total stablecoin market — a steep climb from just $1.5 billion and a 1% market share at the start of 2024.
One of the biggest winners of this trend is Pendle, a decentralized protocol that enables users to lock in fixed yields or speculate on variable interest rates. Pendle now accounts for 30% of all yield-bearing stablecoin total value locked (TVL), roughly $3 billion, the firm said in a report shared with Cointelegraph.
Pendle noted that stablecoins make up 83% of its $4 billion total value locked, a sharp rise from less than 20% just a year ago. In contrast, assets such as Ether (ETH), which historically contributed 80–90% of Pendle’s TVL, have shrunk to less than 10% of its TVL.
