The DeFi protocol Pendle has surpassed $850 million in total value locked (TVL) for its real-world asset (RWA) products. This milestone was reached around November 9-10, 2026, following a weekly growth of $23.9 million in tokenized fund TVL.
The platform, which previously focused on synthetic crypto products, has shifted its strategy toward tokenized Treasuries and reinsurance credit. RWA-backed assets, including Agora’s AUSD and reUSD, now represent 82% of the protocol's total TVL as of the end of Q3 2026.
During the third quarter of 2026, the total TVL of the protocol grew by 43% to reach $1.16 billion, with RWA-backed assets contributing $395 million to this increase. Overall protocol TVL has recently fluctuated between $1 billion and $1.16 billion.
Pendle reduced its user incentives by more than half in Q3 2026. Quarterly revenue for the same period fell to approximately $2 million. The protocol is now monitoring the maturity of a large segment of its markets scheduled for mid-December 2026 to assess user retention.
