Pendle controls ~70% of onchain STRC yield trading with $261M TVL across its markets, demonstrating strong product-market fit for tokenized equity yield.
DeFi & Yields ·
Pendle has expanded its tokenized equity yield trading to major stocks, launching markets for Nvidia and Pfizer dividends on Robinhood Crypto following early success with STRC. The platform introduced $NVDA October 2026 and $PFE December 2026 markets, allowing users to purchase discounted equity exposure through principal tokens (PT), gain leveraged dividend access via yield tokens (YT) without holding underlying shares, or provide liquidity to earn swap fees and PENDLE rewards with zero impermanent loss at maturity.
The move builds on Pendle's established position in tokenized stock yield trading. Six months prior to the equity expansion, Pendle listed its first STRC markets, which peaked at over $500M in total value held on the platform. Currently, Pendle accounts for approximately 70% of all onchain STRC-linked total value locked, representing roughly $261M across its markets—about 2.5% of STRC's total market cap—positioning it as the primary venue for this asset class onchain.
The Nvidia and Pfizer launches signal Pendle's strategy to replicate and expand beyond STRC performance into broader equity yield markets. Whether these new stock markets will achieve comparable adoption and TVL growth remains to be seen, though the protocol has demonstrated meaningful product-market fit in this emerging category.