Pendle’s real-world asset TVL tops $850 million as RWAs take over the protocol

Pendle’s real-world asset (RWA) total value locked has surpassed $850 million, with RWAs now accounting for the majority of activity on the protocol. The milestone reflects a broader shift in DeFi toward tokenized traditional assets and away from purely crypto-native yield strategies. The growth signals increasing demand for stable, yield-bearing instruments that bridge on-chain liquidity with conventional finance. It also positions Pendle as a key venue for trading tokenized RWA yields as competition in the sector intensifies. What to watch next is whether RWA TVL continues climbing and how rival DeFi protocols respond with their own tokenized asset offerings.