Pendle’s Cumulative Settlement Volume Tops $69.8 Billion as RWAs Drive Onchain Yield

Pendle splits yield-bearing assets into fixed-principal PT tokens and variable-yield YT tokens, allowing investors to lock in or trade interest rates. As real-world assets move onchain, integrations involving Apollo Global Management, which manages more than $840 billion in credit assets, and Paxos’s U.S. Treasury reserve-backed stablecoin USDG show that DeFi yield sources are expanding beyond crypto-native markets into traditional finance.

A report dated April 29, 2026, said Pendle’s cumulative settlement volume had exceeded $69.8 billion, while annual asset settlement volume rose 161%. USDG’s TVL topped $100 million in its first month and the pool grew to more than $120 million after Paxos increased incentives. Apollo’s credit assets were wrapped as eACRED through Securitize and Ember Protocol, then split by Pendle into PT and YT tokens.