. A buyer of the PT pays less than face value today and collects the difference at expiry, so the return is set at the time of purchase.
The launch comprises four markets. According to
The Defiant, relayed by TechFlow, Pendle launched four fixed-term markets for Ethena $USDe on Ethereum, maturing in February, May, August and November 2027
. Pendle describes the maturities as 3, 6, 9 and 12 months. That gives users a choice of term for fixing a $USDe-denominated return.
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 are opening prices and will move with market demand.
Early exits carry risk. Pendle’s documentation says
early sellers receive the market price, after fees and slippage, and can lose money
. The quoted yield applies only to buyers who hold to maturity. Redemption is also in $USDe, not a guaranteed dollar amount, so buyers remain exposed to the stablecoin’s own risks.
Caps, Fee Sharing and Chain Expansion
Each pool starts with a $50M cap that will be raised once filled.
Ethena said that cap is not deposited liquidity. In practice,each pool held roughly $10,000 of liquidity at the start, according to The Defiant. Thin liquidity means larger trades can move prices sharply, particularly for early sellers.
Ethena has also agreed a fee-sharing arrangement. It
will receive half of 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 the yields are not boosted by $ENA rewards.
The markets start on Ethereum. Ethena has said the new Pendle assets will also be available on Base and Avalanche.
The launch adds to a long-running link between the two protocols. A 2026 explainer from Eco notes that
the 2024 Ethena partnership (sUSDe pools) helped push Pendle to a peak of about $13.4B in TVL in September 2025, per DeFiLlama.
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