Guy Young

EthenaPay is Ethena's direct-to-consumer neobank built around save, send, and spend. It is the first time a dollar issuer at Ethena's scale has vertically integrated stablecoin issuance, yield generation, card interchange, on/off-ramps, and multi-currency savings, allowing Ethena to capture margins, offer the best savings yield, free FX and free on-ramps, and target a much larger non-crypto user base, which should help scale USDe supply back toward prior highs and beyond.

Guy argues real-world asset perpetuals are a larger opportunity than crypto perpetuals, expanding the relevant market from about $2.5 trillion of crypto to roughly $150 trillion of traditional assets. He notes RWA perp volumes on Hyperliquid have already flipped crypto perps and views perps as the most efficient instrument for simple leveraged long/short exposure, making RWA perps/tokenization one of his highest-conviction growth areas.