Spartan Group Research Report: Pendle TVL Expected to Reach $20 Billion, Valuation May Exceed $6 Billion

On May 21st, the investment firm Spartan Group issued a report stating that the Pendle platform supports yield trading and is one of the major beneficiaries of the era of stablecoin expansion. Among the circulating $110 billion yield-bearing stablecoins, more than 30% (over $30 billion in assets) is deposited in Pendle, accounting for 1.3% of the total stablecoin supply. The protocol divides the yield-bearing assets into principal tokens and yield tokens, enabling participants to choose between locking in fixed income or speculating on yield fluctuations. The Pendle platform boasts a large scale: · The Total Value Locked (TVL) reaches $40 billion, with 83% coming from stable assets. · The cumulative trading volume is approximately $500 billion. · The annualized revenue is between $35 million and $40 million (90-100 basis points of TVL). It is expected that there will be significant growth in the next 18 to 24 months during the stablecoin expansion era. The stablecoin supply is projected to double to $500 billion, with yield-bearing stablecoins accounting for 15%, amounting to a $750 billion issuance scale (7 times growth from the current $110 billion). It is projected that Pendle will capture 25% of all yield-bearing stablecoins, reaching a TVL of $200 billion and earning $200 million in protocol fees. At a 30x valuation, this would correspond to a protocol market cap of $6 billion. As a hub of yield liquidity, Pendle has attracted a significant share of the yield-bearing stablecoin market, and its success is not tied to the market dominance of specific issuers. Pendle has become the pure and benchmark choice for investing in the stablecoin expansion era.