# Pendle Opens Four Fixed-Yield USDe Markets With Terms Up to 12 Months

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/54108
Published: 2026-11-11T14:50:50.000Z
Updated: 2026-11-11T14:50:50.000Z
Section: Investing

> Each pool starts with a $50 million cap. Ethena says the markets will not include Ethena-token incentives.

Pendle has opened four fixed-yield markets for USDe on Ethereum, offering terms from three to 12 months and letting buyers lock in a return through discounted PT-USDe.

Buyers can choose maturities of three, six, nine or 12 months. PT-USDe can be purchased at a discount and redeemed for USDe at a 1:1 ratio when it matures. Each unit of PT-USDe therefore returns one USDe at maturity, while the discount at purchase sets the yield for the selected term.

Each pool starts with a $50 million cap. Pendle plans to raise a pool’s limit once it is filled. The cap applies to each pool individually rather than being shared across all four terms.

Ethena said the markets will not include Ethena-token incentives. It will receive half of the fees from third-party-operated Ethena pools on Pendle that otherwise would have gone to Pendle’s treasury.