Why All RWA Yield Flows Into Pendle

Stacy argues most of the $310 billion stablecoin market earns no yield, but real-world yield flowing onchain is reversing this. As Treasury bill interest and other RWA yields reach crypto, Pendle becomes the natural destination because its yield-stripping mechanics let investors isolate and trade different maturity profiles and coupon streams that traditional stablecoin holders previously couldn't access.