PANews reported on May 21 that according to Cointelegraph, the circulation of income-based stablecoins exceeded US$11 billion, accounting for 4.5% of the total stablecoin market size, an increase of more than 7 times from US$1.5 billion at the beginning of 2024. The decentralized protocol Pendle occupies 30% of the market, and the proportion of stablecoins in its total locked value (TVL) has increased from less than 20% a year ago to 83%, while the proportion of assets such as Ethereum has dropped from 80-90% to less than 10%. In terms of market structure, Ethena's USDe stablecoin accounts for 75% of the stablecoin TVL on the Pendle platform, but new projects such as Open Eden have increased the share of non-USDe assets from 1% to 26% within a year.