Report: Pendle's Annualized Revenue May Exceed $100 Million Amid Stablecoin Growth Dividend

On June 16th, DeFi analysts Keno and Cheezzyy jointly authored a report indicating that as the GENIUS Act is driving regulatory clarity for stablecoins, the sector is entering a stage of rapid growth. Citi estimates that the stablecoin market will have a compound annual growth rate (CAGR) of 45%. In this context, the DeFi protocol Pendle has emerged as a crucial asset for capturing stablecoin yield trends. Pendle currently accounts for approximately 30% of the stablecoin yield market, and more than 80% of its Total Value Locked (TVL) is composed of stablecoins. Its core mechanism, "yield tokenization," divides yield-generating assets into Principal Tokens (PT) and Yield Tokens (YT), enabling users to lock in fixed returns and hedge against interest rate fluctuations. Pendle has also become an important channel for partner projects to attract traffic and incentivize users. With new initiatives like Boros and Citadel progressing, its addressable market and revenue generation potential are expected to continue to expand. Currently, Pendle's projected annual revenue of $100 million is gradually taking shape, although its market attention remains relatively low. Based on a vePENDLE yield valuation model that assumes 80% of the projected income, a Price-to-Earnings (P/E) ratio of 25, and an expected circulating supply of approximately 170 million tokens, the target price of PENDLE is estimated to be $11. According to the rough valuation model, PENDLE's fair valuation range is between $8 and $12, representing a 2-3 times upside compared to its current price.