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Recently, the Aave platform took a striking initiative by quietly raising the lending limit for PT-USDe (September 2025) by 600 million USD. The impact of this decision was immediate, as the newly added lending quota was completely absorbed by market participants within just 1 hour.
This trend has triggered a chain reaction, pushing the total locked value (TVL) of Pendle PT as collateral to reach 4.6 billion USD, setting a new historical record. Meanwhile, the total supply of stablecoins in the entire cryptocurrency market has also surpassed a new high level of 264 billion USD, highlighting the strong demand and confidence in fixed income products.
This series of events reflects the significant changes that the decentralized finance (DeFi) sector is undergoing. As blockchain and related products specifically designed for stablecoins continue to emerge, we may be at a critical juncture for the massive flow of liquidity from traditional finance (TradFi) to DeFi.
It is worth noting that the stablecoin narrative within the DeFi ecosystem is still in its early stages of development, containing enormous growth potential. In particular, the synergies displayed between Pendle and Aave provide a case worthy of in-depth study for the entire industry.
These developments not only showcase the potential of DeFi in financial innovation but also herald the possibility of more similar collaborative models in the future, further promoting the popularization and application of decentralized finance. As the market continues to evolve, we may witness more groundbreaking products and services that provide users with richer and safer financial choices.