Spartan Group Research Report: Pendle TVL is expected to reach US$20 billion, and the valuation may exceed US$6 billion

Mars Finance News, on May 21st, investment institution Spartan Group released a research report stating that Pendle platform supports yield trading and is one of the biggest beneficiaries of the stablecoin expansion era. Among the 11 billion dollars of yield-bearing stablecoins in circulation, 30% (over 3 billion dollars in assets) are stored in Pendle, occupying 1.3% of the total stablecoin supply. The protocol splits yield assets into principal tokens and yield tokens, allowing participants to choose between locking fixed yields or speculating on yield fluctuations. Pendle platform's scale is substantial: · Total Locked Value (TVL) reaches 4 billion dollars, with 83% from stable assets · Cumulative trading volume around 50 billion dollars · Annual income between 35 million to 40 million dollars (90-100 basis points of locked value) It is expected to see significant growth in the stablecoin expansion era over the next 18 to 24 months. Stablecoin issuance is predicted to double to 500 billion dollars, with yield-bearing stablecoins accounting for 15%, or 75 billion dollars in issuance (7 times growth from the current 11 billion dollars). Pendle is expected to capture 25% of all yield-bearing stablecoins, achieving a 20 billion dollars TVL and earning 200 million dollars in protocol fees. At a 30x valuation, this would correspond to a 6 billion dollars protocol market value. As a yield liquidity center, Pendle has attracted a significant market share in yield-bearing stablecoins, and its success is independent of specific issuers' market dominance. Pendle has become a pure and benchmark choice for investing in the stablecoin expansion era.