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)