Pendle Weekly Update: $55.9 Billion TVL Hits New All-Time High, Soaring Interest in Fixed Income Strategies

On July 22nd, Pendle's total value locked (TVL) for this week reached a new yearly peak, hitting $5.59 billion. Meanwhile, the total on lending platforms of Pendle PT exceeded $3 billion, with Aave holding the largest share, and the PT collateral totaling over $2.46 billion. The Pendle collateral scales for Morpho and Euler also reached $442 million and $67 million respectively, demonstrating the synchronous growth of Pendle's structured yield strategy across multiple protocols. The current market's focus on the PT-sUSDe (Sep 2025) annualized yield has risen to 11.11%. Since the returns from the July contract have been mostly released and the price is close to the principal, Pendle reminds users to migrate their funds to the September contract early to lock in their fixed income. Currently, on-chain data shows that approximately $1.9 billion is about to flow out of the July series and be redeployed, which is expected to dilute the new PT yield, making it a low-competition and high-yield strategy deployment window. Furthermore, Pendle has announced a collaboration with HyperEVM with the expectation of listing more assets, including Hyperwave (hwHLP), Kinetiq (kHYPE), and Hyperbeat Ultra (HYPE), aiming to further expand its asset base and ecosystem influence in the structured yield market.