Pendle's RWA Stack is over $1B in TVL 🏦
Infrastructur: NGI+ (Partners Group private infra fund, via Asseto), USDai (GPU financing), sAID (AI infra financing)
Equities: NVDA, PFE
Equity treasury protocols: sNET
Treasuries / T-bill stablecoins: AUSD (Agora), sUSDS (Sky), USDG (Paxos/Global Dollar Network), SGOV, cUSDO (OpenEden), aptUSD (APYX), USDat (Saturn)
Preferred stock: STRCx (xStocks), sUSDat, apyUSD
Private credit: 3Jane (consumer and crypto credit), SIERRA (blended RWA and DeFi reserves), srnOPAL (BlackOpal Brazilian card receivables)
Insurance: Re (reUSD, reUSDe)
Commodities (~$67K): XGLD (Unitas, backed by XAUt gold)
Synthetic dollars and basis with TradFi hedging: USDx and sUSDx (Axis), sUSDe (Ethena), hBTC (Syntetika BTC basis strategy, managed by Hilbert Group)