Pendle Finance: tokenization of yield and taxation in Spain
Pendle Finance is a DeFi protocol that allows you to separate the principal value of a yield-generating asset from its future returns. This separation into PT (Principal Token) and YT (Yield Token) creates novel financial instruments with specific and complex taxation.
##How does Pendle work?
Let's say you have stETH (Lido) that generates ~4% annually in staking rewards.
With Pendle, you deposit stETH → you get:
- PT-stETH (Principal Token): represents the principal of your stETH, recoverable on an expiration date. Like a zero coupon bond.
- YT-stETH (Yield Token): represents all future returns of that stETH until expiration.
PT and YT can be traded on the Pendle MMA.
Pendle deposit taxation: pass-through?
By depositing stETH into Pendle and receiving PT+YT:
- You are selling stETH and receiving two different tokens.
- Majority position: It is a transmission of stETH. If the value of (PT + YT) ≠ stETH acquisition cost → capital gain/loss.
- Alternative position: It is a restructuring of the same asset, without real transmission.
Since the AEAT has no criteria, the conservative position is to treat the deposit as a transmission.
PT (Principal Token): the zero coupon bond
PT-stETH can be purchased at a discount (trading below the value of the underlying stETH) and at expiration is "worth" 1 stETH.
PT taxation:
- PT purchase: Acquisition cost = price paid (can be with another crypto → transmission).
- Maturity (maturity): You receive the underlying asset (stETH). The difference between the price paid for the PT and the value at maturity = equity gain (based on savings, not on movable capital even if it is a zero-coupon bond).
- Pending DGT criteria: some advisors argue that it is a return on capital (like a bond).
YT (Yield Token): the flow of returns
The YT-stETH entitles all stETH returns until maturity. At maturity, the YT expires worthless (all the yield has already been distributed).
YT taxation:
- stETH returns collected through the YT → return on equity capital.
- If you buy YT at a price and at expiration the YT is worth 0 → capital loss (purchase price − 0 = loss).
- If stETH generated more yield than expected → profit.
PENDLE token: governance and vePENDLE
PENDLE is the governance token. Blocking it gives you vePENDLE (similar to veCRV):
- vePENDLE gives you voting power in which pools receive emissions.
- You also receive a % of the protocol fees.
vePENDLE taxation:
- Blocking PENDLE to receive vePENDLE: possible transmission of PENDLE.
- Fees received (in various tokens) → movable capital.
- Upon unlocking (after period): you receive PENDLE back. New acquisition cost would be the value when reblocking or the original (debate).
Pendle as a "fixed yield" strategy
A popular use case: buying PT at a discount to "lock in" a fixed yield.
Example: PT-USDe purchases at 12% discount (=12% implicit annual interest until maturity).
- Cost: 880 USDC per PT-USDe which will be worth 1,000 USDC in 1 year.
- Upon expiration: you receive 1,000 USDe. Profit: 120 USDC.
- Taxation: Capital gain of 120 USDC → savings base.
Tools for Pendle
- App.pendle.finance: Displays P&L of positions.
- DeFiLlama / Pendle analytics: Position history.
- Koinly: Limited support for Pendle; Partial imports require manual adjustment.
Updated: April 2026 | Fiscal year: 2025