Pendle enables trading of tokenized infrastructure yields through NGI+ integration

Pendle, the DeFi protocol that made its name letting people trade future yield like a commodity, just added something that would have sounded absurd two years ago: private infrastructure equity. Through an integration with NGI+, a tokenized infrastructure product built by Asseto, Pendle users can now deposit the yield-bearing token and split it into two tradable components. One locks in a fixed return. The other captures the variable upside. How the mechanics actually work Pendle’s core model has always followed the same playbook. You take a yield-bearing asset, run it through the protocol’s SY wrapper mechanism, and out come two tokens: a Principal Token (PT) and a Yield Token (YT). The PT trades at a discount to the underlying asset and can be redeemed at face value when it matures. That discount is effectively your fixed return, baked in at the moment of purchase. The YT, meanwhile, captures whatever variable yield the underlying asset generates until expiry. If the infrastructure fund performs well, YT holders ride that wave. If returns dip, they absorb the downside. This separation is not new for Pendle. The protocol has been running this model since 2023, primarily with stake...