jamesjho_

Historically one of the largest investor worry for @pendle_fi is around the Ethena USDe expiry. Given the magnitude of total TVL tied to Ethena ($2-3 b) and TVL associated with single expiry ($1B+) - understandably this is a concern

This is best measured by Pendle's capture of total USDe issuance. Historically we've seen large drop offs in % share capture (10-20pts), followed by 2-4 months to regain to previous levels
As the Ethena product has matured (7-9% fixed PT yields) and the use case on Pendle has shifted away from "New Customer Acquisition" towards "Core", these expiries have become non-events

The most recent May 28, 2025 expiry (with $1B+ USDe rolling off) has seen peak-to-trough penetration decline of 8% - one of the smallest in history

Even more impressive, Pendle TVL tied to Ethena is only down -6% ($2.8b to $2.6b) and will likely recover to ATH in just a matter of days

After 1 yr+ of case study, track record and platform maturation - this is an incredible achievement by @tn_pendle and team

Pendle is THE platform of choice for all yield-bearing stablecoins to 1) acquire new customers and 2) build the deepest yield marketplace

Stablecoin Expansion ↔️

Historically one of the largest investor worry for @pendle_fi is around the Ethena USDe expiry. Given the magnitude of total TVL tied to Ethena ($2-3 b) and TVL associated with single expiry ($1B+) - understandably this is a concern

This is best measured by Pendle's capture of total USDe issuance. Historically we've seen large drop offs in % share capture (10-20pts), followed by 2-4 months to regain to previous levels

As the Ethena product has matured (7-9% fixed PT yields) and the use case on Pendle has shifted away from "New Customer Acquisition" towards "Core", these expiries have become non-events

The most recent May 28, 2025 expiry (with $1B+ USDe rolling off) has seen peak-to-trough penetration decline of 8% - one of the smallest in history

Even more impressive, Pendle TVL tied to Ethena is only down -6% ($2.8b to $2.6b) and will likely recover to ATH in just a matter of days

After 1 yr+ of case study, track record and platform maturation - this is an incredible achievement by @tn_pendle and team

Pendle is THE platform of choice for all yield-bearing stablecoins to 1) acquire new customers and 2) build the deepest yield marketplace

Stablecoin Expansion ↔️

Historically one of the largest investor worry for @pendle_fi is around the Ethena USDe expiry. Given the magnitude of total TVL tied to Ethena ($2-3 b) and TVL associated with single expiry ($1B+) - understandably this is a concern

This is best measured by Pendle's capture of total USDe issuance. Historically we've seen large drop offs in % share capture (10-20pts), followed by 2-4 months to regain to previous levels

As the Ethena product has matured (7-9% fixed PT yields) and the use case on Pendle has shifted away from "New Customer Acquisition" towards "Core", these expiries have become non-events

The most recent May 28, 2025 expiry (with $1B+ USDe rolling off) has seen peak-to-trough penetration decline of 8% - one of the smallest in history

Even more impressive, Pendle TVL tied to Ethena is only down -6% ($2.8b to $2.6b) and will likely recover to ATH in just a matter of days

After 1 yr+ of case study, track record and platform maturation - this is an incredible achievement by @tn_pendle and team

Pendle is THE platform of choice for all yield-bearing stablecoins to 1) acquire new customers and 2) build the deepest yield marketplace

Stablecoin Expansion ↔️

Pendle approaching ~$1 b TVL contribution from stablecoins outside of Ethena. 70% m/m growth

@tn_pendle has grinded multiple cycles to build the best 1) customer acquisition engine, 2) yield marketplace that vortexes in stables

There is no second best

Stablecoin Expansion ↔️

Sharing our @pendle_fi thesis co-authored with @TheSpartanGroup @tumilett

Stables are a huge growth area for crypto

Pendle has vacuumed up >$3B of stables and we believe the # 1 stablecoin play across equities + liquid tokens

https://t.co/6hX8ApvoCb

Stablecoin Expansion ↔️

Yield bearing stables have grown 7X in the past 18 months from $1.5B to $11 B - from 1% to 4% market penetration

This segment is experiencing hyper growth

Over this same period, one player has consistently capture ~30% of issuance across entire market

Stablecoin Expansion ↔️

Maple is approaching $1.7 B TVL, $650 M loan book. Metrics up 15-20x YoY

$500K revs in last 2 weeks =$12 M annualized. New record

One of the more challenging aspects investing in crypto is spotting non-linearity. Many of these products do not grow in a straight line. Markets are cyclical. Growth happens in spurts

But when that inflection is hit - the growth flywheel rapidly spins itself

Maple is going after a $50 B loan TAM - and is still just getting started

Accelerate

Stablecoin is one of the most obvious growth areas of crypto

Issuance up 2X in past 18 months. Up 10X in last 5 years

There is a liquid token that is the clear indexed-way to play this secular trend w/o having to pick winners and losers. Category leader with no competitor. Top tier team. Fully vested. Fair valuation. Built and endured through many cycles

Bc it’s biz model has evolved so much in the last 2 yrs - we believe it is poorly understood by the mkt and mispriced for the opportunity ahead

Memo coming in the next 1-2 weeks

Stablecoin Expansion ↔️

From this week

1) @tryramp issuing stablecoin backed cards
2) @stripe offering stablecoin accounts in 100+ countries
3) @superstatefunds launching tokenized equities
4) Coinbase acquires Deribit for $3 B

Modern, instant 24/7 financial infrastructure is fintech’s next evolution