Pendle Achieves Record TVL Milestone as PT Collateral Reaches 4.6 Billion Dollars

Pendle continues its impressive growth trajectory, with total value locked (TVL) climbing past the 9 billion dollar mark on August 13 to establish a new all-time record. The surge was largely driven by the expansion of PT assets, which now account for 6.4 billion dollars of the protocol's total locked value.

A significant catalyst for this growth came when Aave increased its PT-USDe (September 2025) collateral limit by 600 million dollars—a move that was immediately fully allocated. This expanded borrowing capacity created a cascading effect across the ecosystem, pushing collateralized PT value to unprecedented levels.

The impact proved substantial: Pendle's TVL denominated in permissionless tokens reached a historic peak of 4.6 billion dollars following Aave's decision. This milestone reflects both growing institutional adoption of yield-bearing assets and increased confidence in Pendle's risk framework among major lending protocols. The rapid absorption of Aave's expanded allocation suggests sustained demand for PT-based collateral in DeFi markets.