The circulation of yield-based stablecoins exceeded US$11 billion, accounting for 4.5% of the total stablecoin market size

PANews reported on May 21st that, according to Cointelegraph, the circulation of yield-bearing stablecoins has exceeded $11 billion, accounting for 4.5% of the total stablecoin market, growing more than 7 times from the $1.5 billion scale at the beginning of 2024. The decentralized protocol Pendle holds a 30% market share, with its total value locked (TVL) in stablecoins increasing from less than 20% a year ago to 83%, while the proportion of assets like ETH has dropped to below 10% from 80-90%. In terms of market structure, Ethena's USDe stablecoin occupies 75% of Pendle's stablecoin TVL, but new projects like Open Eden have increased the non-USDe asset share from 1% to 26% within a year.