Never fade the $PENDLE effect. @pendle_fi's RWA note looks at three yield sources that had almost nowhere to trade before they listed: a Nasdaq preferred, T-bills, and reinsurance premiums. The assets have nothing in common, yet each story ends the same way, with Pendle as the largest holder pricing a fixed rate above what the asset pays natively. $STRC > @apyx_fi's apyUSD grew from under $1M to $235M in 13 weeks > By the May peak, Pendle held over $500M across the linked markets, including 77% of APYX TVL and 53% of Saturn's > About half of USDat has sat in Pendle since mid-May (97% of the Monad float), and PT-USDat locks roughly 9.5% fixed on a T-bill dollar. $AUSD > After listing on Monad on 15 June, supply more than doubled to $72.7M inside a week, then ran from $32M to $198M over 12 weeks with Pendle holding as much as 82% > Pendle TVL peaked at $156.7M, and $103.1M of PT and LP, about 60% of that TVL, was posted as lending collateral at the peak @Re > Combined supply was about $1.2M at listing and has since grown about 250x to $299M > Pendle held $240.7M, roughly 80% of both tokens, and its share hasn't dipped below 40% since Oct 2025 > $499.9M notional has traded, with $174.9M of PT and LP posted as collateral, 73% of Pendle's Re TVL None of these issuers needed Pendle to create the yield, which stays offchain. What Pendle supplies is distribution → a price, a fixed leg, and most of the holders.