srRoyAPYUSD is a fixed-yield market on Pendle (Ethereum). The market splits srRoyAPYUSD into a principal token (PT-ROY-ST-apyUSD-5NOV2026) that redeems for the underlying at maturity and a yield token (YT-ROY-ST-apyUSD-5NOV2026) that carries the variable yield until then, so buying the principal token at a discount fixes a rate to maturity while the yield token takes the floating side. It matures on 5 Nov 2026 and is used to fix a rate for a known term, or to trade the underlying's yield separately from its principal.
Protocol
Pendle
Chain
Ethereum
Underlying
srRoyAPYUSD
Principal token
PT-ROY-ST-apyUSD-5NOV2026
Yield token
YT-ROY-ST-apyUSD-5NOV2026
Yield accrual
Fixed to maturity for principal holders, variable for yield holders
