pendle now has 4 live RWA principal token markets offering 10-13% fixed yields on private credit and payment receivables. sierra PTs just got approved as morpho collateral, meaning you can lever up on tokenized private credit for the first time in defi. morpho hit $77m TVL on robinhood chain in 7 days because coinbase, robinhood, and steakhouse are all building yield products on top of the same morpho + pendle + ethena stack. the backend of your favorite exchange "savings account" is three defi protocols in a trenchcoat. fixed income is the last unbuilt derivatives market in crypto and pendle is the only venue stripping yield on $14.8b in tokenized treasuries.