Pendle Print #120

State Street and VanEck walked into a stable...

Salutations readers!

Pendle Print is off next week while the team heads into a company-wide retreat. No, it won’t be sunshine and roses and Mai Tais. TN Lee, our glorious leader, has plans to lock us in a room as we strategize on the best ways to make Pendle the greatest yield protocol in the world.

Pendle Print shall return in the week of 13th July.

---

Pendle is the ultimate yield market in DeFi – fixed yields, leveraged yield + points trading, and funding rate swaps (via Boros).

The objective of The Pendle Print is to distill the developments in DeFi yield markets into a succinct and actionable format.

Important Highlights ✨

Over $60B of fixed yield successfully settled since the launch of V2, with Pendle PT working exactly as intended and designed:

Pendle@pendle_fi

Since V2 launched in November 2022, Pendle has settled over $60B across 189,400 transactions, successfully processing the redemption in every case 🎉 For a holder, PT carries an exposure profile that closely mirrors the underlying asset, expressed with a fixed yield and defined

3:22 AM · Jun 25, 2026 · 9.88K Views

---

14 Replies · 10 Reposts · 114 Likes

Pendle on Monad in 10 days:

Pendle@pendle_fi

gmonad In 10 days since Pendle launched on @monad: • 5th largest protocol on Monad • Over $50M TVL • Over $22M trading volume More Pencosystem integrations and updates to come soon. Job's not done 🫡

6:39 AM · Jun 29, 2026 · 1.83K Views

---

1 Reply · 1 Repost · 6 Likes

A sprawling RWA report by Castle Labs, featuring Pendle and our role in growing the RWA economy:

Pendle@pendle_fi

Huge thank you to @castle_labs for their excellent report! Fixed income and interest rate swaps are how institutions allocate at scale, and bringing that structure to RWAs is what makes them usable for the strategies institutions already run. With ~$28B in RWAs onchain and only

Castle Labs 🏰 @castle_labs

Real-World Assets: Bringing TradFi Onchain Mapping the growth of RWAs and Institutional Adoption Co-produced with @redstone_defi for @TokenizeThisNYC Full free report here: https://t.co/ys7tgHtxX5

1:31 AM · Jun 24, 2026 · 10K Views

---

13 Replies · 7 Reposts · 59 Likes

Pendle weekly updates in 3 mins:

RightSide@Rightsideonly

GM Pendle Another week another set of updates

3:05 AM · Jun 27, 2026 · 3.96K Views

---

24 Replies · 8 Reposts · 67 Likes

Strategy Highlights 💰

6.74% Fixed APY for $5M - double the native yield offered by AUSD’s floating rate:

Pendle@pendle_fi

PT-AUSD by @withAUSD is quoting a ~6.9% fixed yield against a 3.5% native AUSD T-bill base, allowing you to pick up ~2x the underlying to October. Price impact is essentially flat to $10M, holding within ~21bps. Institutional fixed yield has arrived on @monad 🤝

4:14 AM · Jun 26, 2026 · 11.2K Views

---

10 Replies · 4 Reposts · 62 Likes

With numbers like these still up for grab, it’s safe to say the market hasn’t caught on yet.

Yes, the incentives last the ENTIRE maturity for the Monad pools/

Yes, they might even INCREASE.

Pendle Intern@PendleIntern

YT-AUSD at time of writing: 🔹937% long yield APY 🔹98% ROI @withAUSD Incentives LAST THE ENTIRE MATURITY, so easy for projections. And you're telling me incentives might 2x later? BRB 🏃🏻

Pendle @pendle_fi

Is this the most bountiful market on Pendle now 👀 🔹$50k weekly rewards for YT, with possibly more on the way? 🔹Rewards are confirmed to last the ENTIRE maturity 🔹108% ROI for YT at time of writing; 7.35% Fixed APY on AUSD @withAUSD x @monad x Pendle 🤝 https://t.co/ibVCjJVUwZ

2:43 AM · Jun 24, 2026 · 5.23K Views

---

8 Replies · 4 Reposts · 25 Likes

RWA - the new king of yield markets:

Pendle@pendle_fi

RWAs account for ~$691M of TVL on Pendle, one of the largest categories on the platform. The top stablecoin PTs currently offer fixed APYs from from 4.41% up to 11.89%, all at outsized returns compared to their respective native yields:

5:57 AM · Jun 23, 2026 · 13.9K Views

---

13 Replies · 9 Reposts · 111 Likes

New Pool Highlights

• sUSD3 (Dec 2026)

• srUSDe (Oct 2026)

• jrUSDe (Oct 2026)

• USP (Nov 2026)

• slisBNBx (Oct 2026)

Pendle@pendle_fi

Welcoming another addition to Pendle's RWA stack: sUSD3 (17 Dec 2026) by @3janexyz Fix, speculate or trade yields (and $JANE rewards), from uncollateralized crypto loans to RWA fintech installment loans.

3:00 PM · Jun 24, 2026 · 13.3K Views

---

13 Replies · 10 Reposts · 84 Likes

Strata@strata_markets

srUSDe and jrUSDe October Pendle markets are live. Rollover your LP and continue earning: • LP-srUSDe-OCT26: 4.9% APY + 60x Strata + 35x Ethena • LP-jrUSDe-OCT26: 11.6% APY + 20x Strata Explore our @pendle_fi x @ethena pools 👇

2:51 PM · Jun 24, 2026 · 7.61K Views

---

5 Replies · 3 Reposts · 22 Likes

Piku@PikuFinance

Relaunching USP Pool on @pendle_fi: → Lock in fixed yield on USP → Trade USP yield with YT/PT mechanics → Farm LP rewards with boosted incentives →→ HOLD YT USP Yield Optimized Stablecoin →→ LP in Pendle USP Yield Optimized Stablecoin Visit USP Pool →

Piku @PikuFinance

The current USP pool on @pendle_fi has matured. Users can now redeem their respective positions through Pendle. For users who wish to maintain exposure, the newly relaunched USP pool is available as the next opportunity to roll over capital and continue participating in USP

11:14 AM · Jun 26, 2026 · 1.09K Views

---

2 Replies · 3 Reposts · 17 Likes

Lista DAO@lista_dao

The new slisBNBx(28OCT2026) pool on @pendle_fi is live Reminder for users from the slisBNBx-24JUN2026 pool, to continue earning, migrate your liquidity to the new pool. For new users, you can deposit LP and start earning 5.66% APY. 👉 app.pendle.finance/trade/pools/0x…

12:36 PM · Jun 24, 2026 · 8.64K Views

---

7 Replies · 8 Reposts · 63 Likes

Pencosystem

New maturity, new Aave market:

Pendle@pendle_fi

“5%? Why are you even in crypto LMAO” “Who cares if it’s fixed yield?” “My shitcoin moves more in 5 seconds.” Ok, I hear you, how does 36% APY sound then? The ticker is PT-srUSDe on @aave.

6:43 AM · Jun 24, 2026 · 15.5K Views

---

21 Replies · 10 Reposts · 111 Likes

Agora PTs (Monad) are now live as collateral on Euler:

Pendle@pendle_fi

The best yields on @monad just got best-er ✅ 28% APY for @withAUSD PT-AUSD ✅ 94% APY for @upshift_fi PT-earnAUSD gmonad

alphagrowth @alphagrowth1

AUSD PT borrow markets are now live on @eulerfinance on @monad → PT-AUSD / AUSD → PT-earnAUSD / AUSD Borrow against your @pendle_fi PT tokens and loop to amplify the yield ↓

8:45 AM · Jun 25, 2026 · 12.7K Views

---

13 Replies · 7 Reposts · 93 Likes

New external incentives for Origin wOUSD:

Pendle@pendle_fi

618% Long Yield APY for YT 17% APY for LP

Origin Protocol @OriginProtocol

New incentives are live on @pendle_fi for this epoch: → Additional rewards for LP wOUSD → New incentives for YT-wOUSD Explore the $wOUSD market: https://t.co/areaPx5OVi

2:34 AM · Jun 26, 2026 · 10.3K Views

---

7 Replies · 2 Reposts · 53 Likes

Fixed Yield for Sky Savings Rate, powered by Pendle:

Pendle@pendle_fi

Sky has a nifty little new product called "Fixed Yield" Fixed APY for Sky Savings Rate, at a HIGHER rate (5.01%) than its native, floating yield?! How is this possible? What exactly is it and how does it work? All of these answers and more in @SkyMoney's article below 👇🏻

7:32 AM · Jun 23, 2026 · 7.98K Views

---

5 Replies · 7 Reposts · 52 Likes

PT-reUSDe market goes live on Euler:

Re@re

.@Cassa_fyi has launched the PT-reUSD / AUSD market on @eulerfinance. reUSD connects onchain capital to fully collateralized reinsurance contracts. Explore the market ↓

Cassa @Cassa_fyi

First @re's reUSD integration on Euler Finance! Cassa launches the PT-reUSD / AUSD @eulerfinance Market on Ethereum with $400k of seeded liquidity. This pairs the reUSD @pendle_fi’s fixed-yield Principal Token @withAUSD Agora’s institutional stablecoin. 🧵 👇

7:47 PM · Jun 22, 2026 · 13.7K Views

---

7 Replies · 9 Reposts · 70 Likes

I call this “The Pendle Directory”:

Pendle@pendle_fi

Unlike the famous Turtle Soup riddle, you won't actually need your brain for this. Pendle on @turtledotxyz - making Pendle opportunities easier for everyone 🐢

Turtle @turtledotxyz

Pendle is live on Turtle. Deposit into @pendle_fi opportunities directly through the app. Every Pendle position now shows on your portfolio page.

1:39 AM · Jun 23, 2026 · 19.1K Views

---

8 Replies · 5 Reposts · 88 Likes

Intern Insights

You don’t need funds on Monad, not even for gas.

Pendle’s universal swap handles everything for you, making cross-chain swaps just as easy as any intrachain ones:

Pendle Intern@PendleIntern

You DON'T need to have any funds on @monad at all for Monad markets on Pendle 🤷🏻 Our built-in universal swap handles everything for you - including gas fees. Here's how 👇🏻

6:25 AM · Jun 23, 2026 · 5.02K Views

---

8 Replies · 2 Reposts · 43 Likes

X Highlights

Pendle on Monad in less than 2 weeks:

• >$50M TVL

• 5th largest protocol on the chain

mimie@0xMimie

pendle first days on monad

12:06 PM · Jun 25, 2026 · 2.4K Views

---

7 Replies · 1 Repost · 72 Likes

The ticker is sPENDLE.

Mesh@MeshClans

The market is still looking at an older version of $PENDLE. Price is around $1.26, close to where it traded in March before a 75% move. The difference is that the protocol underneath the token has changed since then. Back then, Pendle had three clear issues: - Complex

6:00 AM · Jun 25, 2026 · 13.9K Views

---

29 Replies · 12 Reposts · 145 Likes

TN Lee on the role Pendle plays (and will play) in tokenized credit and onchain fixed income:

Apyx@apyx_fi

Most of crypto spent the last cycle chasing price. 🏃‍♂️ The next cycle may be about chasing yield. 💸 @tn_pendle, Co-Founder of @pendle_fi, joins Apyx Alpha to discuss the rise of tokenized credit, why onchain fixed income is finally taking shape, and how Pendle aims to become

1:14 PM · Jun 22, 2026 · 5.96K Views

---

17 Replies · 11 Reposts · 60 Likes

And last but certainly not least… why isn’t everyone just doing this?

Pendle@pendle_fi

Why aren't your stablecoins accruing 5.01% through the Sky Savings Rate (Fixed Yield)?

Sky.money @SkyMoney

Why aren’t your stablecoins accruing 3.60% through the Sky Savings Rate?

1:03 AM · Jun 23, 2026 · 8.33K Views

---

4 Replies · 35 Likes

That’s it for this issue.

Attention and capital is scarce in this market – and for that we thank you for your continuous support.

---

pendle.finance | Twitter | Discord

Pendle is the largest rate swap protocol for fixed yields and yield trading in DeFi. Pendle’s adoption as a DeFi primitive has been growing across protocols and institutions to generate more yield, secure fixed yields and directionally trade yield on yield-bearing DeFi assets.

---

Disclaimer: Nothing written in this post is intended to serve as financial advice. All content in this post serves merely for informational purposes.