[PRESS RELEASE – Singapore, Singapore, October 28th, 2025]
Asset supervisor 21Shares has launched an exchange-traded product (ETP) referred to as APEN primarily based on Pendle — a improvement that alerts deepening institutional recognition of Pendle’s position in bridging conventional fixed-income markets with Decentralized Finance (DeFi).
Probably the most notable metrics underlining Pendle’s traction is its latest achievement: the protocol has settled $70 billion in yield, successfully making a bridge between the roughly $140 trillion international fixed-income market and crypto-native infrastructure. This milestone is supported by on-chain market conduct that sees Pendle’s strategy as an rising hyperlink between conventional finance and decentralized programs.
One other indicator of Pendle’s traction is its newest product referred to as Boros, designed for buying and selling funding charges from varied centralized and decentralized exchanges in a DeFi-native surroundings. Boros not too long ago achieved an gathered buying and selling quantity of $2.83 billion in simply 3 months, underlining the potential of buying and selling funding charges.
Within the phrases of 21Shares’ Karim, Senior Digital Asset Researcher:
“$PENDLE potential TAM is the huge rate of interest derivatives, which alone characterize $500T+ in TradFi. Mounted yields aren’t only a pillar of institutional finance, they’re the market” — stated AbdelmawlaKarim.
For institutional traders — asset managers, hedge funds, pension funds and different large-scale capital allocators — the launch of the 21Shares Pendle ETP presents a number of essential themes: first, that institutional capital is starting to undertake yield-tokenisation platforms; second, that protocols like Pendle are maturing past experimental to investible, regulated-friendly devices; and third, that the broader narrative of DeFi accessing the huge fixed-income market is shifting from principle into execution.
Institutional adoption in focus
Institutional traders sometimes demand scale, liquidity, transparency, and controlled entry. Conventional fixed-income markets supply scale, however typically endure from opacity, illiquidity for some devices, and excessive entry thresholds. Pendle’s structure transforms yield streams into tradeable tokens, enabling entry, transparency, and composability — options that align with institutional tooling. By packaging Pendle’s publicity into an ETP, 21Shares renders this ecosystem accessible by way of acquainted capital-markets infrastructure—custody, reporting, regulatory frameworks—bridging DeFi protocols with institutional workflows.
Current commentary from analysts reinforces this pattern: one X-post from TheDeFinvestor highlights how yield-tokenization has grown prepared for establishments, underscoring the platform’s revenue-generating capabilities.
What this implies for Pendle and establishments
The flexibility of Pendle to settle tens of billions in yield, coupled with billions in buying and selling quantity by way of Boros, displays each adoption and liquidity — two crucial hallmarks for institutional viability. The 21Shares ETP is greater than a product launch; it’s symbolic of a shift in institutional attitudes towards DeFi-native infrastructure. As Pendle continues to combine real-world belongings and yield markets, its utility for professionals is more likely to broaden.
Trying forward
With the institutional gateway now established by way of the 21Shares ETP, Pendle is positioned to scale its choices—whether or not by way of fixed-rate devices, yield tokenization of recent asset courses, or deeper tradable merchandise. For establishments trying to entry the ~$140 trillion fixed-income market by way of a programmable, permissionless lens, Pendle affords a recent avenue.
In abstract, the launch of the 21Shares Pendle ETP alerts greater than recognition—it marks a juncture the place the world’s largest crypto-yield buying and selling platform is coming into the infrastructure of institutional finance. With tens of billions settled, billions in buying and selling quantity, and ETP entry, Pendle is shifting from innovation to institutional-ready infrastructure.
About Pendle
Pendle is the world’s largest crypto-yield-trading platform that allows customers to separate and commerce the long run yield streams of yield-bearing belongings in DeFi. By enabling the tokenization of each principal tokens and yield tokens, Pendle has created a basis for programmable fixed-income-style publicity in blockchain.
For additional studying, Pendle’s announcement is on the market on X:
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