PT (Principal Token)
Principal TokenPT
Pendle's tokenised principal claim — purchased at a discount, redeemable 1:1 for the underlying at maturity.
A PT is a zero-coupon-bond analog. Buying PT-sUSDe (e.g., expiry March 2027) at $0.92 locks in a fixed yield to that date. Risks: smart-contract layer (Pendle), underlying yield-source risk (Ethena), and liquidity if the holder needs to exit before maturity.
Related terms
- PendleA yield-tokenisation protocol that splits yield-bearing tokens into Principal (PT) and Yield (YT) tokens with a fixed maturity.
- YT (Yield Token)Pendle's tokenised pure yield claim — represents the right to all yield accrued by the underlying until maturity.
- Fixed yieldA yield rate locked in at deposit time — typically via a tokenised principal claim with a maturity date.