Pendle becomes the largest DeFi venue for tokenized stocks with about 18.5% market share

The yield-trading protocol overtook rivals after launching equity yield markets and a one-click leverage product Pendle is now DeFi’s largest single venue for tokenized stocks, holding about 18.5% of the market. That is a notable turn for a protocol best known for slicing up interest rates. It took the top spot by November 9, 2026, roughly a week after it climbed into second place. How Pendle climbed the leaderboard The rise happened in two quick steps. On November 2, 2026, Pendle held approximately 17% of DeFi’s tokenized-stock market, good enough for second place. Seven days later, its share reached 18.5%, putting it ahead of every other single venue. The underlying deposits explain the jump. Pendle’s tokenized-stock total value locked (TVL), meaning the dollar value of assets users have parked in the protocol, reached $33.8 million by October 31, 2026. That figure included $16 million added in a single month. Put another way, close to half of Pendle’s stock-token deposits showed up within roughly 30 days. The data comes from Token Terminal, which also flagged Pendle as a standout for month-over-month TVL growth in the category. The products behind the growth Two launches lined u...