Pendle converted 16% of USDG holders with a single integration. Of the total 3,088 wallets, 491 traded through the PT-USDG market, which offers a fixed annualized yield of 5.3%. With stablecoin dominance declining from 95% to 84%, each new entrant requires a distribution layer. Pendle is becoming the gateway protocol for the multi-stablecoin future.