Pendle stablecoin volume hits $6B as Trump Iran deal sparks rally
Pendle (PENDLE)
Editor:
Eugene Serbin
lookonchain.com reports that Pendle’s stablecoin pools have recorded over $6 billion in nominal trading volume year-to-date. The protocol highlighted that the current total stablecoin supply is approximately $300 billion. Standard Chartered projects the stablecoin market will reach $2 trillion by 2028, while Citigroup forecasts it will hit $1.9 trillion by 2030.
Banks and payment networks are also preparing to enter the market. Pendle noted that even under JPMorgan Chase’s worst-case scenario, where stablecoin supply merely doubles, its total addressable market will double in the next 1.5 years. This expansion would see the market expand to 10 times its current size within four years.
Emerging stablecoins like AUSD continue to grow, a phenomenon Dune Analytics has dubbed the "Pendle Effect". Meanwhile, crypto markets saw a short-term rally as foreign media reported that Donald Trump is willing to offer Iran sanctions relief in exchange for substantive progress on the nuclear issue.
How the market reacted
Whalio's own Binance spot order flow for PENDLE, measured when this story was written up on 28 September 2026. Not the outlet's figures.
Pendle is currently trading at $2.64 with a 1-hour buy ratio of 60.7% and a 4-hour buy ratio of 60.7%. These short-term readings are significantly higher than the 24-hour buy ratio of 52.9%, indicating that buying pressure is building in the immediate term. The volume delta shows positive inflows of $57,755 over the last hour and $172,576 over the last four hours. This positive volume delta means that the value of buys exceeds the value of sells, confirming net accumulation. Over the past 24 hours, the cumulative volume delta reached $334,410, with net buying occurring in 14 of the last 24 hours. Spot volume for the day stood at $4,610,250 across 49,097 trades.
The latest daily buy ratio of 48.7% sits at the 38th percentile of the last 322 days, against a median of 49.6% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for PENDLE, averaged over the days leading up to the story.
Compared to the preceding week, the current 24-hour buy ratio of 52.9% is 2.3 points higher than the 7-day average of 50.6%. This suggests today is an unusually active day for buyers relative to the recent weekly trend. However, the spot volume of $4,610,250 is only 0.61 times the weekly average, indicating lower overall participation. The price has declined 2.9% over the last eight days, despite a total volume delta of $831,666 for the week. Net buying occurred on 5 of the 7 days in the preceding week, showing consistent but modest accumulation prior to this spike.