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DeFi Andree
DeFi Researcher | On-chain Data
@pendle_fi & @ethena_labs maxi
Yield bearing stablecoins just paid out $1.34B.
Crypto is not just minting stables anymore. It is exporting yield.
This is not a short term narrative. It is a structural shift in where cash wants to sit.
Look at the breakdown:
- sUSDe leads with 34.9 percent of all yield paid
- sUSDS follows at 13.4 percent
- Tokenized funds are here too BUIDL 8.5 percent USYC 3.5 percent
> So where does the real flywheel sit?
Create yield → tokenize yield → price the curve → collateralize → borrow → loop back into the system
This is a yield rail. And once a rail is accepted by the market, it begins to pull liquidity on its own
> If $1.34B has already been paid out, it signals:
Yield is now trusted enough to be held as cash
Yield is liquid enough to be packaged, traded, and used as collateral
> Who powers the rail?
Issuers create the yield @ethena @SkyEcosystem @maplefinance @BlackRock @circle
Lending rails turn it into credit demand @aave @Morpho
Yield markets price it into a curve people can lock or trade @pendle_fi
➥ Stablecoins scale where they can be borrowed against and where yield can be priced
Source: @stablewatchHQ
24
Ethena has dominated >50% of Pendle TVL for nearly 1.5 years
@pendle_fi = the fixed-income layer for the @Ethena_Eco ecosystem.
This isn’t a short-term narrative. It’s a structural shift in capital flows ↴↴↴
Look at the chart:
> Late 2024 → 2026, Ethena consistently captured over 50% of total Pendle TVL, peaking around ~70%
> Even during market drawdowns, its dominance held the top position
So where does the real flywheel sit?
Base yield → tokenize yield → credit layer → loop back into the system
This is a yield rail. And once a rail is accepted by the market, it begins to pull liquidity on its own
If dominance persists for nearly 18 months, it signals:
> Institutional capital is starting to trust this structure.
> Yield is considered predictable enough to be tokenized
➥ This is infrastructure the market has chosen.
40
92% of PT-sUSDe 7MAY2026 is sitting in Aave
People love looking at APY
But if you want to know what the market is actually using, look at where the collateral lives ↷
▸ Total PT-sUSDe 7MAY2026 supply: ~345.9M
▸ Custodied by Aave: ~319.8M → ~92% of supply sits in the credit layer
PT is no longer something you simply hold. It’s collateral
This is the flow:
Stake $USDe (Ethena) → Buy PT (Pendle) → Deposit PT (Aave) → Borrow stable → Loop / hedge
▸ @ethena = the yield engine
▸ @pendle_fi = the fixed-income issuer
▸ @aave = the credit layer
➥ This stack isn’t an experiment anymore, the market has validated it and is using it for real.
Jan 7, 2026
Pendle x Aave x Ethena x Plasma | The Stablecoin Fixed-Income Stack
Aave onboarding PT-USDe & PT-sUSDe (09APR2026) to the Aave V3 Plasma Instance illustrates a pristine DeFi stack:
Venue → credit → fixed income → yield source → Scalable onchain yield rails with guardrails and built to be rollover-friendly
---
① @ethena_labs = Yield Engine (USDe/sUSDe): The underlying yield generator. $USDe → stake → $sUSDe, which is then packaged by Pendle into PT/YT to plug into the credit layer
② @pendle_fi = Fixed Income Wrapper: Strips yield-bearing assets into PT, creating bond-like exposure (discounted by time-to-maturity), enabling the market to price an implied fixed rate
③ @aave = Credit Layer (Supply/Borrow): The layer that converts PT into credit, enabling supply/borrow, interest rate markets, liquidations, and risk management
④ @Plasma = Venue / Settlement Layer: Functions as the settlement rail for stablecoin flows. When stablecoin liquidity concentrates on a specific venue, the upper-layer DeFi primitives (credit, fixed income) create massive opportunities for TVL expansion
---
Caps filled rapidly (specifically PT-sUSDe hitting 100% on day one) the demand is real and validated
This is a highly scalable yield rail stack. If market pricing + incentives align, implied APY could hit ~34%
➥ This cycle, the game isn't just about APY. It’s about who owns the infrastructure to convert raw yield into usable credit through powerful integrations like this
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