Back to collectionPendle Opens a Fixed-Yield Market for PPLUS
Pendle listed a January 2027 principal-token market for PPLUS, a leveraged tokenized-credit vault operated by Ember and curated by Bitwise.
Pendle opened a principal-token market maturing January 28, 2027 for PPLUS, extending fixed-yield trading to the Bitwise Premium+ RWA Vault. PPLUS takes USDC deposits and holds a leveraged portfolio of tokenized real-world credit assets. Bitwise provides non-discretionary strategy curation, while Ember operates the vault and executes transactions.
The market separates principal from future yield, but it does not make the underlying credit fixed or risk-free. Bitwise’s disclosures say the vault can use three-to-five-times leverage, is limited to non-U.S. persons, and carries credit, liquidity, oracle, smart-contract and loss risks. Pendle’s quoted fixed yield therefore depends on redemption value and the vault remaining solvent through maturity.