Stablecoins processed $33 trillion in payment volume in 2025, surpassing Visa and Mastercard combined. At $315 billion in market cap, they are larger than the economies of Portugal and New Zealand, and the established liquidity backbone of a global payment system. Yet 93% of stablecoins earn under 5% APY. For institutional holders, that is a planning problem. Treasuries cannot build around rates they cannot forecast, but Pendle gives them a rate they can. @global_dollar (USDG) is a case in point. Within a month of launching on Pendle, USDG has become one of the clearest examples of institutional stablecoin capital seeking structured yield: 🔹~$100M in TVL accumulated since launch 🔹Pendle is now the single largest holder of USDG onchain (~20% of total supply) That pattern holds across Pendle's broader stablecoin footprint. Pendle is currently the largest onchain venue for stablecoin fixed yield: 🔹$1.85B in stablecoin TVL across nearly 70 active pools 🔹$500M in trading volume over the past 30 days As stablecoins absorb volume from traditional rails, yield infrastructure becomes as important as the rails themselves.

pendle