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

Stablecoin-powered neobanks represent the most viable path to onboarding 100 million users into crypto by abstracting complex on-chain interactions into familiar fintech experiences. Guy Young, CEO of Ethena Labs, argues that crypto should serve as an efficient backend infrastructure rather than a standalone product. By integrating stablecoin issuance with user-facing financial apps, platforms can deliver superior yields and cashback, creating a structural competitive advantage over traditional banking. Success in this sector requires moving beyond the speculative crypto-native bubble to meet users in emerging markets where dollar access is a primary utility. Rather than competing for existing on-chain liquidity, these platforms must solve the "on-ramp" problem, enabling seamless fiat-to-stablecoin transitions that feel indistinguishable from standard banking, ultimately positioning crypto as a global, borderless financial layer.