As reported by BlockBeats on November 11, 2026, citing an official announcement, Pendle and Ethena launched fixed-term USDe markets on Ethereum. The four terms are three, six, nine and 12 months, maturing in February, May, August and November 2027, respectively.
The mechanism resembles a discounted note: a user buys PT-USDe below face value and, if they hold it to maturity, can redeem it for USDe at a 1:1 ratio. The purchase discount determines the return for holding to maturity under that redemption mechanism. A user who wants to exit earlier can sell PT-USDe on the Pendle market instead.
Original report · Published November 11, 2026, at 15:21 (UTC+8).
