Guy Young builds Ethena Pay neobank to deliver yield directly
Summary
Guy Young has launched a neobank called Ethena, rather than waiting for onchain adoption in decentralized finance (DeFi) to improve, noting that DeFi's total value locked (TVL) never surpassed its 2021 peak. Ethena Pay, the neobank application built on Avalanche, allows users to save, spend, transfer, and earn with its stablecoin across numerous countries. Young advocates for yield-bearing stablecoin products to attract mainstream consumers who are not currently engaged in onchain DeFi, emphasizing the need for alternative strategies beyond solely relying on renewed protocol adoption.
Analysis
Guy Young: Guy Young is the founder and CEO of Ethena Labs, the team behind the synthetic dollar stablecoin USDe. He previously worked in traditional finance at firms including Cerberus Capital before entering crypto. In the news, Young built and launched Ethena Pay, a crypto neobank app, to deliver yield directly to users instead of waiting for broader onchain DeFi adoption metrics like total value locked to recover. Strategy: The founder positions yield-bearing stablecoin products as a way to reach mainstream consumers who are not yet active in onchain DeFi, rather than depending on renewed protocol adoption alone. Product Launch: Ethena recently introduced Ethena Pay, a neobank application built on Avalanche that enables saving, spending, transfers, and earning with its stablecoin across dozens of countries.
Categories
cryptodefitech
Related sources
- https://www.blockstories.io/b/ethena-moves-into-neobanking-with-ethena-pay
- https://coingape.com/block-of-fame/pulse/ethena-enters-crypto-neobanking-with-new-app-takes-usde-beyond-defi/
- https://www.etftrends.com/coinshares-content-hub/ethena-guy-young-stablecoin-growth-real-world-reach/
- https://messari.io/person/guy-young
- https://stablecoininsider.org/guy-young-ethena/
- https://x.com/i/user/1090486091642228736
- https://theinsiderletter.substack.com/p/a-150-trillion-market-just-opened
- https://x.com/i/user/703606884180348929
- https://phemex.com/academy/guy-young-ethena-founder-usde-stablecoin
- https://x.com/i/user/1589990734601625601