USDai is a fixed-yield market on Pendle (Arbitrum). The market splits USDai into a principal token (PT-USDai-25FEB2027) that redeems for the underlying at maturity and a yield token (YT-USDai-25FEB2027) 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 25 Feb 2027 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
Arbitrum
Underlying
USDai
Principal token
PT-USDai-25FEB2027
Yield token
YT-USDai-25FEB2027
Yield accrual
Fixed to maturity for principal holders, variable for yield holders
