Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch. This expands the addressable market of underlying collateral from $2.5 trillion of crypto to $150 trillion+ of real-world assets. As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception. Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders. Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period. We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle. Allocations begin today.

Marked in the chart USDe supply growth when APY crossed 4.5%, up $1b since the lows Just printed 5% APY this week, with perp allocation up from 1% to 20% Higher

Binance Wallet has enabled USDe rewards. USDe has been selected as one of only three assets eligible for @BinanceWallet's new Hold to Earn - and offers the highest rate available. Hold USDe and earn rewards automatically, paid by Binance.

buy now pay never daily coffee paid for by my @EthenaPay balance

Ethena Pay will be the number 1 neobank in the space by eoy. Not priced in.

Good morning, have a great weekend.

Almost +$1b in USDe in ~3 weeks. Would be a shame if ran it all the way back.

Users on the waitlist continue to be added to the @EthenaPay app every day, with over 600 gaining access in the past week alone. Enable notifications so you know the moment you're in. If you're on the waitlist, your turn is getting closer.

Been using and testing @EthenaPay for a week. I like it more than @ether_fi even tho I have been using etherfi for a while and am in Luxe tier - 5% apy in ethena is quite decent, especially you receiving it automatically. You have to manually lock it in etherfi and still got lock up period. - ethena UI is better (to me) - new policy for etherfi re cashback etc makes it way less attractive esp w the lock up. I can’t claim the benefits from etherfi membership too somehow. Seems it’s just an advertisement - cashback from ethena is very decent. 4% even basic tier. Tho it is denominated in Avax, which tbh I’m just gonna sell right away (if its $hype, then I’ll just hold) - anyhow, my corporate card is still using etherfi (not sure if there’s better option now), but will certainly switch if ethena got corporate card option in the future Bought some $ena a while ago too, see if it will pump further when they open up the ethena pay access (soon?)

Can Yield Buy Loyalty? Ethena Bets Neobank Users Won't Leave Why would a protocol behind one of DeFi's most successful stablecoins build a neobank that hides the fact you're using crypto? I put that to @gdog97_ days after @EthenaPay's launch. 🏦 His answer: yield beats loyalty, and @ethena already owns the engine that produces it. Timestamps: 🏦 01:25 Why Guy built a neobank after DeFi's TVL never beat its 2021 peak 🥊 07:16 Why Guy doesn't see Tether-backed Plasma as a competitor 🕵️ 17:57 How Ethena Pay hides self-custody from users who don't know it 🌍 19:10 The nearly 50-country rollout and Ethena's slow, controlled go-to-market 📣 22:30 1inch Aqua: See how the shared liquidity platform lets LPs back multiple positions with one wallet balance at unchainedcrypto.com/go/1inch… ⛰️ 23:18 Why Ethena Pay chose Avalanche, not Ethereum, for settlement 🏛️ 29:20 How USDe's backing shifted from basis trades to AAA-rated RWA lending 🔓 33:00 What the Revolut KYC breach means for Ethena Pay's own compliance risk 💳 39:55 Why card spend, not USDe's yield, is the metric Guy actually chases 🚀 47:50 The 7-figure deposits that surprised Guy in Ethena Pay's first two weeks

This is what you get with @EthenaPay today: - Card spend cashback at 5.0% - Best-in-class 6.0% dollar savings rate - Borderless, free, instant global money transfers - Free global onramps in USD, GBP, EUR and local FX - Unified fiat IBAN with self-custodial stablecoin accounts - Buy Now Pay Never where your savings rewards covers daily expenses Live now on iOS in ~50 countries.

Guy Young says the biggest winners of the neobank boom weren't the neobanks, but Circle and Tether "We looked at the pretty insane growth that we've seen in the segment of the market in terms of how many neobanks, and also just the growth in terms of user numbers and spend." "In some senses, the biggest beneficiaries of that weren't actually the neobanks themselves. It was kind of Circle and Tether." "They're all built on someone else's stablecoin, basically, and they were able to monetize the NIM and the float at Circle and Tether." "And for us, in an end state, we think that's a pretty unsustainable kind of revenue structure if you're losing what should be one of the largest revenue drivers within the business to someone else."

Join us for a day of padel tournaments and wellness ahead of @token2049, in collaboration with @moonpay and @JupiterExchange. Taking place October 6th, 2026.

Proud to announce that Ethena has completed a SOC 2 Type II audit based on the Security Trust Services Criteria, receiving a clean opinion from an independent auditor with zero exceptions noted. SOC 2 is a widely recognized standard for enterprise-grade, operational security assurance: an independent audit of how Ethena actually run access control, change management, monitoring, and incident response. Unlike a Type I report, which checks that controls are designed correctly at a single point in time, a Type II examination tests that those controls actually operated effectively over time. The audit covers infrastructure and processes supporting our products. It is distinct from, and complementary to, the smart contract audits and security reviews covering the Ethena protocol. We believe rigorous operational security should be table stakes for any onchain infrastructure handling billions of dollars, and we intend to maintain continuous SOC 2 coverage into the future. Ethena joins a very short list of onchain businesses that have completed SOC 2 Type II, including Circle, Chainlink and Aave. The full report is available to partners on request under NDA.

Side by side @EthenaPay and @Plasma for the same €16.80 transaction: Ethena Pay: $19.72 charge, $0.88 cashback = net cost $18.84 Plasma: $19.90 charge, $0.39 cashback = net cost $19.51

Ethena Pay is still in early access and already posting real numbers - 297 addresses have paid with the card, about $2,200 each on average - $655.9K spent in total across 8,517 onchain transactions - average payment: $77 - record day on Sep 9: $61.5K from 145 addresses - cashback starts at 4% and goes up to 5% by tier, credited daily - $36.6K paid out in AVAX so far, about $123 per paying address Access right now: - live in 48 countries, with the US, the EU and the UK listed as coming soon - 100 waitlisted users are set to get in today, with more every day after that Who wants access to @EthenaPay?

Yesterday, @EthenaPay crossed $4M in deposits. There are now 436 active accounts (with a balance of at least $1 or spend activity) as the team gradually opens up access.

NEW: @EthenaPay is now listed on Paymentscan. Since launching last week, it's processed $308K in volume across 287 users and paid out $14.8K in cashback for an average rate of ~4.8%.

user activity has been steadily increasing day after day in the first weeks cohort over the next days we'll start onboarding more users and roughly double our user size and then again and again and again until we've onboarded the roughly ~10,000 users on the waitlist