[PRESS RELEASE – Singapore, Singapore, October 28th, 2025]
Asset manager 21Shares has introduced an exchange-traded product (ETP) called APEN, reflecting a significant recognition of Pendle’s influence in connecting traditional fixed-income markets with Decentralized Finance (DeFi).
One of the key indicators of Pendle’s growth is its recent benchmark achievement: the protocol has settled $70 billion in yield, establishing a notable link between the roughly $140 trillion global fixed-income market and crypto-native structures, as evidenced by on-chain market behaviors that view Pendle as forming a crucial bridge between conventional finance and decentralized systems.
Another sign of Pendle’s momentum is its new offering called Boros, which facilitates trading funding rates from various exchanges in a DeFi-native space. Boros recently reached an accumulated trading volume of $2.83 billion in only 3 months, showcasing the potential of trading funding rates.
In the words of 21Shares’ Senior Digital Asset Researcher, Abdelmawla Karim:

“The potential total addressable market for $PENDLE is immense, particularly within the $500 trillion+ interest rate derivatives sector. Fixed yields are not only foundational to institutional finance but are central to the market.”
For institutional investors—including asset managers, hedge funds, pension funds, and major capital allocators—the launch of the 21Shares Pendle ETP introduces several critical themes: firstly, institutional capital is beginning to engage with yield-tokenization platforms; secondly, protocols like Pendle are transitioning from experimental phases to investable, regulated-friendly investments; and finally, there is a shift from theoretical concepts of DeFi accessing substantial fixed-income markets to practical execution.

Institutional Adoption in Focus

Institutions typically require scale, liquidity, transparency, and regulated entry points. Traditional fixed-income markets provide the scale, yet often lack transparency, liquidity, and accessibility for specific instruments. Pendle’s framework converts yield streams into tradeable tokens, offering improved access, transparency, and composability, aligning with institutional requirements. By integrating Pendle’s exposure into an ETP, 21Shares makes this ecosystem accessible within established capital-markets structures—custody, reporting, and regulatory frameworks—bridging DeFi protocols with institutional operations.
Recent analyses further reinforce this tendency. A notable post from TheDeFinvestor elaborates on how yield-tokenization is now ready for institutions, emphasizing the platform’s capacity for generating revenue.

Implications for Pendle and Institutional Players

Pendle’s ability to settle billions in yields, alongside significant trading volumes through Boros, signifies both adoption and liquidity—key indicators for institutional viability. The launch of the 21Shares ETP transcends mere product introduction; it symbolizes a transformation in the institutional perspective towards DeFi-native infrastructures. With Pendle continuously integrating real-world assets and yield markets, its practical applications for professionals are expected to broaden.

A Forward-Looking Perspective

With the gateway to institutions now established via the 21Shares ETP, Pendle is well-positioned to enhance its offerings, whether through fixed-rate instruments, the tokenization of new asset classes, or advanced tradable products. For institutions aiming to tap into the roughly $140 trillion fixed-income market through a programmable and permissionless approach, Pendle stands out as a modern solution.

In Summary

The launch of the 21Shares Pendle ETP represents more than just acknowledgment; it signifies a pivotal point where the world’s largest crypto-yield trading ecosystem is permeating institutional finance infrastructure. With significant settlements, substantial trading volumes, and ETP access, Pendle is transitioning from innovation to a robust, institutional-ready infrastructure.

About Pendle

Pendle is leading the market as the largest crypto-yield trading platform, allowing users to divide and exchange future yield streams of yield-generating assets in DeFi. By enabling the tokenization of principal tokens and yield tokens, Pendle has laid the groundwork for programmable, fixed-income-style exposure on the blockchain.
For additional information, Pendle’s announcement is accessible on X.