@pendle_fi ($PENDLE) has launched fixed-term markets for $USDe, allowing users to lock in a fixed rate on the stablecoin from @ethena ($ENA). The product works like a discount note purchased below par: buyers pay a discounted price and receive the full amount back 1:1 in $USDe at maturity. Users can also sell early on Pendle, but doing so exposes them to market prices.
How the Fixed-Term Markets Work
The markets are based on Pendle's principal token (PT) design. In Pendle's usual model,
a yield-bearing asset is split into a principal token, or PT, and a yield token, or YT, which receives its future earnings.A PT buyer pays less than face value upfront and receives the difference at expiry, setting the return at the time of purchase.
The launch includes four markets. According to
The Defiant, as relayed by TechFlow, Pendle launched four fixed-term markets for Ethena's $USDe on Ethereum, with maturities in February, May, August and November 2027.Pendle lists the maturities as 3, 6, 9 and 12 months, giving users a choice of term for fixing a return denominated in $USDe.
Initial quotes from Pendle's public market API showed
implied annualized yields of 5.24%, 5.50%, 5.75% and 6.00%,across the four markets. These opening prices will change with market demand.
Early exits involve risk. Pendle's documentation says
sellers who exit early receive the market price after fees and slippage, and may lose money.The quoted yield applies only to buyers who hold until maturity. Redemption is in $USDe, not a guaranteed dollar amount, leaving buyers exposed to the stablecoin's own risks.
Caps, Fee Sharing and Chain Expansion
Each pool starts with a $50M cap, which will be raised once the pool is filled.
Ethena said the cap does not represent deposited liquidity. In practice, each pool had roughly $10,000 in liquidity at the outset, according to The Defiant. Thin liquidity means larger trades can move prices sharply, particularly for early sellers.Ethena has also reached a fee-sharing arrangement. It
will receive half the fees owed to Pendle's treasury from third-party-operated Ethena Pendle pools. Ethena also said the new terms carry "zero Ethena token incentives", meaning yields are not boosted by $ENA rewards.The markets are launching on Ethereum. Ethena has said the new Pendle assets will also be available on Base and Avalanche.
The launch builds on a longstanding connection between the protocols. A 2026 explainer from Eco notes that
the 2024 Ethena partnership (sUSDe pools) helped take Pendle's TVL to a peak of about $13.4B in September 2025, according to DeFiLlama.Sources:
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