🧐With the interest rate cut, the on-chain yield market is about to be re-evaluated丨Pendle may be the biggest beneficiary in the wave of stablecoins!

In recent years, we have seen too many narratives that "the future belongs to stablecoins," mostly compliance attempts in a technical gray area.

However, since the second half of last year, stablecoins have entered a brand new phase—systematic consensus is beginning to establish:

1) The U.S. "GENIUS Act" has passed the House of Representatives, establishing a federal regulatory framework for USD stablecoins for the first time;

2) The South Korean FSC has released guidelines for stablecoin issuance, encouraging banks to participate;

3) The EU MiCA legislation has officially come into effect, requiring stablecoins to have reserve disclosure and custody mechanisms.

Hong Kong is also eager to try. These actions release a core signal:

Stablecoins will definitely become a part of the national financial framework during Trump's term.

Two things are bound to happen next—

-- Physical institutions (Walmart, Wells Fargo, Revolut) will start testing the waters by issuing stablecoins

-- TradFi will use stablecoins to manage floating funds and participate in on-chain yield products

But these stablecoins themselves are not value creators; if they are just lying on-chain to earn interest, they remain inefficient capital. They need structure, liquidity, and market participation.

So a key question arises:

In this process of institutionalization, who can become the bearer of the stablecoin yield market?

1⃣ New Value Anchor for Stablecoins in the Interest Rate Cut Cycle

I think this question needs to be viewed in the context of the broader environment—

Recently, market expectations for interest rate cuts have been growing stronger, especially after the Fed signaled that "there may be 1-2 rate cuts this year," and the funding structure on-chain has quietly changed.

We need a reverse perspective:

From the perspective of traditional finance, interest rate cuts often mean an increase in risk appetite, a decrease in cash returns, and will compress the attractiveness of some fixed-income assets. They are particularly sensitive to RWA-type assets—because they directly depend on the off-chain interest rate curve, the play space for on-chain users becomes narrower.

However, for DeFi-native stablecoins, it is different; they do not rely on "interest spreads" for sustenance, and interest rate cuts instead present a rare window:

-- No off-chain debt burden, not constrained by Fed rates

-- Flexibly deploy and combine various on-chain yields

-- More easily attract TradFi users seeking flexible allocations

In other words, interest rate cuts = shrinking TradFi yields, making DeFi relatively more appealing.

Therefore, the real beneficiaries of this round of interest rate cuts will not be those tokenized government bonds. Instead, it will be DeFi-native stablecoin protocols and structured protocols that can "activate" these stablecoins.

This is the key role of structured protocols like @pendle_fi at this stage—catering to the anchoring demand for structural yields.

2⃣ Pendle: The Strongest Liquidity Scenario in the Current On-Chain Stablecoin Market

In the past year, Pendle has undergone significant transformation and breakthroughs. According to a report released by @tn_pendle—

1) TVL has reached a new high ($5.29 billion), with 87% being stablecoin assets

2) The trend of stablecoinization in the main pools is evident (USDe / USDO / AID / USDF)

3) The number of users has surpassed 70,000, with trading volume exceeding $16 billion

Not only are DeFi retail investors locking interest to earn rewards, but now institutions are also starting to use Pendle as a front-end for structured yield—

🔺Republic, Spartan, Amber, etc., have started using PT for stablecoin strategy management

🔺Edge Capital has deployed Pendle as an arbitrage product front-end

🔺Converge has incorporated Pendle into the RWA-Fi yield market infrastructure

In the stablecoin yield track, Pendle has already become a protocol layer capable of "pricing + market-making." It connects:

Floating funds from traditional finance

Yield incentives + value expectations from DeFi

Risk control and hedging needs from institutions

Currently, there are over $2.5 billion of PT on Pendle being used as DeFi collateral. In addition, Morpho and Silo have also begun to support Pendle's LP asset collateral, and other lending platforms are advancing deployment, which could release greater leverage space in the future.

This ability to combine yield + collateral + leverage can significantly enhance strategy returns for institutions. So, if you understand from this perspective:

Why most of Pendle's main pools are stablecoins, why institutions are eager to connect to PT, and why Ethena's TVL has surged—it all makes perfect sense.

3⃣ Can "Yield" Itself Become a New Asset Class On-Chain?

When we discuss stablecoins today, most of the time we are still looking at their payment functions, anchoring mechanisms, and reserve quality.

However, when stablecoins become part of a sovereign framework, their uses will change:

-- TradFi will use them to purchase on-chain structured products, rather than just for cross-border settlement

-- DAO treasuries will use them as a yield base, rather than just static reserves

-- Protocols like Maker and Ethena will layer compound yields around them

In the future, we may see many legally issued stablecoins, many high-yield RWA products, and many market makers using PT for arbitrage strategies. If this trend continues, we may indeed see:

"Yield" itself becoming a new asset type on-chain.

This is also something Pendle is slowly accomplishing, which is very challenging but crucial. What can be confirmed now is that its structural design naturally aligns with this trend—

✅ The vePendle model can stably absorb platform value backflow (has returned $13.1 million in the first half of the year)

✅ The stablecoinization of main assets naturally possesses advantages of volatility resistance, combinability, and ease of valuation

✅ The structural combination play is extremely suitable for large funds and institutional deployment (hedging + locking interest + yield trading)

✅ If LPs are widely opened as collateral in the future, it will release a new round of leverage space

So, returning to the initial question:

Who can connect TradFi funds with the DeFi yield market?

Who can provide standardized yield structure trading and clearing?

Who can become the price discovery place in this stable yield structure?

I believe Pendle is getting closer to this answer.

I suggest you all start experiencing Pendle now, at least start learning; you can check out their Chinese teaching guide:

https://pendle.notion.site/Pendle-1b2567a21d3780168a83dc0028731413

If you're interested, you can join Pendle's Chinese community, where there are many strategies regarding current financial management that you can refer to: https://t.me/PendleFinance_CN

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