Heat peanut oil in large wok or skillet over medium high heat. Add tofu triangles and cook for 5 minutes; flip tofu over and cook 5 minutes more on other side. Place tofu on a plate lined with paper towels (to soak up excess oil) and wipe out skillet (carefully!).
Return skillet to medium-high heat. Add ½ cup of coconut milk and cook, stirring constantly, until it thickens (about 2 minutes). Stir in red curry paste and cook until fragrant, about 1 minute.
Add remaining coconut milk, broth, soy sauce, and sugar. Once sauce comes to a simmer, add red pepper; cook for 2 minutes. Stir in asparagus and cook 3 minutes more.
Return tofu to skillet and stir until coated with curry sauce.
Remove from heat and serve over noodles or rice; garnish with lime wedges and cilantro.