Pendle's TVL hits $850M as it shifts focus to tokenized Treasuries and reinsurance credit.

Pendle's total value locked (TVL) surpassed $850 million, driven by a shift from synthetic crypto products to tokenized real-world assets like Treasury-backed stablecoins and reinsurance credit. In Q3 2026, Pendle's TVL grew 43% to $1.16 billion, with 82% of TVL now in real-world asset markets. The protocol reduced user incentives and increased token buybacks, though revenue fell to about $2 million. Upcoming market maturities and the use of fixed-rate tokens as lending collateral will be key to Pendle's future growth and integration in DeFi.

As of Nov 10, 2026 09:02 WIB, Pendle trades on Pluang at Rp28.633 with a market cap of Rp4,92 trillion and a 1-day gain of 0.86%. The protocol's shift to real-world assets aligns with steady investor interest, reflected in 100% buy order activity and a typical hold time of 34 days on Pluang. This ongoing demand supports Pendle's positioning in the evolving DeFi landscape.