BlockBeats News, June 16th, DeFi analysts Keno and Cheezzyy co-authored a report stating that with the GENIUS Act driving regulatory clarity for stablecoins, the sector is entering a rapid growth phase. Citi estimates that the stablecoin market will have a compound annual growth rate (CAGR) of 45%.

Against this backdrop, the DeFi protocol Pendle has emerged as a key asset for capturing stablecoin yield trends. Pendle currently occupies approximately 30% of the stablecoin yield market, with over 80% of its Total Value Locked (TVL) composed of stablecoins. Its core mechanism, "yield tokenization," splits 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 such as Boros and Citadel advancing, its addressable market and revenue generation potential are expected to continue expanding. Currently, Pendle's annualized revenue projection of $100 million is gradually taking shape, though its market attention remains relatively low.

Based on a vePENDLE yield valuation model that assumes 80% of projected income, a Price-to-Earnings (P/E) ratio of 25, and an expected circulating supply of approximately 170 million tokens, PENDLE's target price is estimated at $11. According to the ballpark valuation model, PENDLE's fair valuation range is between $8 and $12, representing a 2-3x upside compared to its current price.