At a panel discussion during GWDC 2026 Korea in Seoul, Paolo RightSide from Growth of Pendle said Pendle is working to bring tokenized real-world asset yield from stablecoins and other low-risk assets into on-chain trading. He described Pendle as a yield-trading protocol that splits yield-bearing assets into principal tokens with fixed returns and yield tokens with floating returns.
RightSide said he has seen three shifts in the market. First, users are moving beyond low-risk strategies backed by Treasury yield, while family offices have started actively asking about putting capital on-chain. Second, the sources of yield are broadening from Treasuries to private equity, credit institutions, and even stablecoins backed by GPU compute revenue. Third, programmable yield is making it possible for RWA products to be used as collateral or folded into a wider range of on-chain strategies.
He also said programmability means assets can be separated and built on. Principal tokens can be deposited into lending markets for additional strategies, while on-chain redemption comes with no lock-up period and does not require coordination from a custodian. On market structure, he said Pendle uses principal tokens to form forward pricing and is building tradable, hedgeable markets around staking yield and funding rates.
GWDC 2026 Korea was held on Sept. 29-30, 2026 at the aT Center in Seoul, South Korea. The event was hosted by Web3Labs and co-hosted by Techub News, HypaiLabs, and TokenPost.
Pendle targets on-chain trading for more RWA yield
Speaking during a panel discussion, Paolo RightSide from Growth of Pendle said Pendle is a yield-trading protocol that can split any yield-bearing asset into principal tokens with fixed returns and yield tokens with floating returns. He said the protocol’s goal this year is to make RWA yield from stablecoins and low-risk assets tradable on-chain.
Three shifts Paolo RightSide said he is seeing
RightSide said he has observed three changes.
- Users are moving away from low-risk strategies built on Treasury yield, while family offices have started asking directly about putting capital on-chain.
- Yield sources are expanding from Treasuries to private equity, credit institutions, and even stablecoins backed by GPU compute revenue.
- Programmable yield allows RWA products to be used as collateral and placed into a range of strategies.
Programmable ETFs and forward pricing
On ETF programmability, RightSide said programmability means separating assets and building on top of them. Principal tokens can be deposited into lending markets for additional operations. On-chain redemption has no lock-up period and does not require cooperation from a custodian.
On data and market structure, he said Pendle forms forward pricing through principal tokens and is building markets around staking yield and funding rates that can be traded and hedged.
RightSide added that distribution is only half of the equation, and the other half is whether the token itself is useful enough.
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