Centrifuge and Pendle Finance are teaming up to build fixed-rate markets for tokenized real-world assets on Base, a partnership announced on November 3, 2026. The arrangement combines Centrifuge's tokenization infrastructure with Pendle's mechanism for splitting a yield-bearing asset into separate components.
How the structure works
Pendle divides a yield-bearing asset into two tokens. The principal token (PT) lets holders secure a fixed yield, while the yield token (YT) lets traders take a position on the floating yield the asset may produce.
The first product in the lineup is Centrifuge's deJAAA, which is tied to Janus Henderson's AAA collateralized loan obligation (CLO) strategy. That strategy manages over $30 billion, according to the announcement.
A CLO is a pool of corporate loans sliced into tranches by risk. The AAA tranche sits at the top of the stack, meaning it is paid first.
The deJAAA market is already live
The partnership was not preceded only by a press release. Pendle launched a market for deJAAA on October 21, 2026, ahead of the formal announcement.
That market carries a maturity date of November 26, 2026. Fixed-rate positions on Pendle are pegged to a specific end date, so buyers know when their locked-in return pays out.
Why the two platforms fit together
Pendle has been leaning heavily into traditional credit. Real-world credit strategies accounted for 82% of Pendle's total value locked as of September 30, 2026, when total TVL stood at $1.16 billion.
Centrifuge, meanwhile, has positioned itself as a key tokenization provider on Base. In May 2026, Coinbase named Centrifuge its preferred tokenization partner after making a strategic investment in the company.
In effect, one side brings the assets and the other brings the market structure: Centrifuge turns credit into tokens, and Pendle turns those tokens into instruments that can be priced, split and traded around a fixed rate.
Risks and open questions
The deal reinforces a strategic direction that Pendle's TVL composition already reflects, with 82% of deposits in real-world credit strategies and a Janus Henderson-linked product fitting that pattern.
There are risks worth naming. CLOs are packaged corporate loans, and even top-rated tranches depend on the health of the underlying borrowers. Tokenizing them adds smart contract and platform risk on top of the credit risk.
Liquidity is another open question. Fixed-rate markets work best when there are enough buyers on both sides of the PT and YT split, and whether the deJAAA market draws that depth will shape how useful it becomes for larger players.
How the deJAAA market performs through its November 26, 2026 maturity will be the first real data point. Beyond that, the question is whether Centrifuge and Pendle extend the model to other tokenized products on Base.
