E185: Ethena CEO: This $7B Crypto Company Just Launched An App That Pays You To Spend Money

About this episode

Guy Young built Ethena from zero to billions in under two years. In this conversation, we talk about the one crypto product he believes can reach 100 million users: a yield-bearing dollar in a mobile app. The goal is for it to feel like a normal fintech app where users don't even know crypto is powering it underneath. Just save, spend, and send to anyone in the world. THE SHIFT NEWSLETTER 💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter ___________ PARTNERS ⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/ 🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/ 💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT 🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/ ⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/ ♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com 🚀 Kalshi is a US regulated financial exchange that allows users to trade on the outcomes of real-world events : https://kalshi.com/category/crypto ___________ Follow Guy Young • Twitter: https://x.com/gdog97_ FOLLOW WHEN SHIFT HAPPENS Twitter (X): https://x.com/KevinWSHPod Instagram: https://www.instagram.com/kevinfollonier_ TikTok: https://www.tiktok.com/@kevinfollonier_ Linkedin: https://www.linkedin.com/in/kevinfollonier/ Website: https://kevinfollonier.com/ DISCLAIMER The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome. 0:00 Introduction 2:37 Which Of Guy’s Plans Didn’t Work Out 5:37 Where Are The Users People Are Trying To Obtain 7:10 What Excited Guy About Crypto 9:20 Differences Between PayPal, Revolut, & Neo Banks 12:43 Partnerships: @Variational @BitwiseInvest 13:36 Revolut vs Stable Coin Neo Banks 15:58 Is Swapping To Neo Banks A 10x Improvement 18:00 Ethena Pay Explained Simply 21:21 Why Another Crypto Neo Bank 23:53 Will A Fight For The Pie Happen With Crypto Banks 25:55 How Ethena Gets Users When It Can Help Everyone 32:47 What Makes Ethena Different 36:51 Ethena’s Cashback System Revealed 38:32 Guy’s Thoughts On How Ethena Reduces Fees 39:39 How Ethena Gets The Best Yield 45:16 Guy’s Opinion On Dealing With FUD 48:35 Why Guy Doesn’t Communicate A Lot 49:29 Partnership: @KASTxyz 50:17 What KPI Is Ethena Looking To Hit In 2026 51:55 The Holy Grail For A Stable Coin Neo Bank 52:31 Partnerships: @JupiterExchange @Ethena 53:14 If Everyone’s Doing The Same Thing, Who Wins 55:23 The Next Big Thing For Ethena After Ethena Pay 56:36 Is Ethena Pay Like USDE 58:04 Closing Thoughts