Pendle Targets $2 Billion Idle USDG Pile on X Layer

Pendle Finance has launched its first fixed-rate market for USDG on X Layer, a Layer 2 network run by OKX. This move targets the $2.07 billion in stablecoins held on the chain, with USDG accounting for 94.11% of it.

The OKX wallet rewards program currently offers up to 3.85% APY on idle USDG, but Pendle's fixed-rate market aims to beat this rate with a public number. The exact maturity date and incentive size have not been disclosed by Pendle, which has $1.179 billion locked across 12 chains, including Ethereum.

Aave's Global Dollar Hub, opened on Ethereum this summer, takes PT-USDG-24SEP2026 as collateral under V4, but the X Layer version still runs V3.6 and is the chain's largest protocol at $85.34 million.