Pendle Integrates with NGI+ Tokenized Private Infrastructure Product

Pendle (PENDLE) has been reported to support a feature enabling the separation of principal and yield rights for Asseto's tokenized private infrastructure product NGI+. The on-chain market capitalization of NGI+ is reported at $4.17 million (approximately KRW 57 billion), though Pendle's official announcement or trading terms have not been confirmed.

Crypto Briefing reported on July 17 that Pendle has integrated with Asseto's tokenized infrastructure product NGI+, allowing users to stake NGI+ and split it into PT (Principal Token) and YT (Yield Token). The official confirmation from Pendle and the scope of implementation remain pending further announcements.

Pendle uses a structure where yield-generating assets are packaged as SY (Standardized Yield), then divided into PT representing principal rights at maturity and YT representing yield rights until maturity. Both tokens trade on Pendle's AMM. Pendle's official documentation describes this trading mechanism via AMM.

NGI+ is a tokenized product launched by Asseto on July 6, based on shares of Partners Group's Next Generation Infrastructure fund, providing economic exposure to data centers, energy infrastructure, power grids, and transportation assets. Asseto states NGI+ includes monthly subscription/redemption and on-chain transfer features, with redemption settlement at T+25. Investor suitability, KYC, AML, and whitelist requirements may apply.

Unlike typical crypto yield products, NGI+ is an on-chain token based on private infrastructure fund shares. Asseto supports smart contracts and on-chain rights recording but clarifies that Partners Group and fund managers are not responsible for issuance or technical systems of NGI+.

DeFiLlama recently reported NGI+'s on-chain market cap at $4.17 million (approximately KRW 57 billion), while active TVL connected to Pendle V2 stands at $2,053 (approximately KRW 281,000). These figures may vary based on collection timing and data criteria.

Asseto reported that NGI+'s underlying strategy has achieved a cumulative net return of 48.8% since February 2024 with volatility under 2.5%, as of April 2026. Asseto notes past performance does not guarantee future returns and highlights risks related to redemption restrictions, smart contracts, blockchain technology, and legal structures.

This case represents a connection between private infrastructure fund exposure and yield trading structure. However, the official listing status of NGI+ on Pendle and available pool conditions remain unconfirmed. Asseto's official announcement does not include integration details with Pendle, so current information relies solely on Crypto Briefing's report.

Pendle's PT/YT structure is designed to separate principal and future yield for individual trading. This approach involves maturity, yield rate, liquidity, and smart contract risks directly affecting trade conditions, with potential mismatch between underlying asset redemption cycles and token market liquidity.

Given NGI+'s scale and limited liquidity within Pendle, it is unlikely to be a product designed for large-scale transactions. T+25 redemption settlement and investor suitability, KYC, AML, and whitelist requirements must be verified by users when assessing accessibility. Domestic investors' ability to trade NGI+ directly remains unconfirmed.

Whether Pendle's integration with NGI+ operates as reported requires further official announcements and product documentation from Pendle. Currently, the case should be viewed as a demonstration of possible connectivity between tokenized private infrastructure products and yield trading protocols, within limited scope.