Pendle Sets New Record with $9.2 Billion TVL, Reflecting Growing Market Adoption and Trust

BlockBeats News, August 18 — Pendle founder TN stated on social media that three weeks ago, Pendle Finance had just completed the settlement of $1.5 billion in matured assets, after which TVL (Total Value Locked) quickly rebounded to a new all-time high (ATH) of $7 billion.

Last week, another $898 million in assets matured, and Pendle once again surged, setting a new TVL record of $9.2 billion. During the week of August 14, approximately $1 billion in funds began to rotate or migrate. Including this settlement, the total scale reached $1.81 billion, marking the second-largest maturity event in Pendle’s history. Even so, net outflows were only $260 million (-2.9%), and lasted just two days (August 13–15).

The focus of this maturity event was Ethena Labs’ USDe (maturing in September 2025), which has now become the largest liquidity pool in Pendle’s history, with a TVL of $3.36 billion. This growth can be attributed to:

· No deposit cap in the market

· Aave raising the deposit cap for this PT to $1.4 billion

· A 14.5% fixed annualized yield (APY) on stablecoins, arguably the best (or among the best) risk-reward ratios in the current DeFi market

Looking ahead, Pendle is working to expand more assets and trading platforms on Boros, enriching market options. In the PT (Principal Token) sector, Pendle’s next step is cross-chain expansion. Earlier this year, Pendle mentioned plans to go beyond Ethereum (including both EVM and non-EVM chains), and this is just the first step. Despite the increasing scale and frequency of maturities, capital continues to flow back, and stickiness is growing—demonstrating that Pendle is increasingly trusted and adopted, becoming a core infrastructure driving DeFi yields.