The Ethena Pay product and thesis, explained. Why we built it, how it works, where it's available, and what's coming next. Read it below:

We believe giving people anywhere in the world access to safe reliable savings is one of the most impactful products we could build. Now we are delivering this product in a global mobile app to anyone with an internet connection. Thanks for coming on the journey with us.

“This is almost invisible infrastructure that sits in the background.” Ethena Pay is built for real-world use, for people who don’t want to think about blockchain infrastructure. This is why, @ethena CEO @gdog97_ explained, Ethena Pay is built exclusively on Avalanche.

Ethena Pay makes earning the default state of money inside the account.

EthenaPay ATH in card spend and number of accounts spending $139K spent across 246 accounts

Weekend spending spree: Ethena Pay hit a new daily spending-volume high of $138K. Cumulative spending volume has now reached $1.2M.

"We believe giving people anywhere in the world access to safe, reliable savings is one of the most impactful products we could build. Now we are delivering this product through a global mobile app to anyone with an internet connection. Thanks for coming on the journey with us" @gdog97_ Thanks for letting us be part of the journey (and for the cool merch!) @securitize 🤝 @ethena

“We believe giving people anywhere in the world access to safe, reliable savings is one of the most impactful products we could build. Now we are delivering this product in a global mobile app to anyone with an Internet connection. Thanks for coming on this journey with us.” - @gdog97_ I haven’t been this bullish on a DeFi protocol in a while, but I truly believe @ethena will bring yield to the eventual multi-trillion dollar stablecoin market. Will share a deeper write-up 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

See you in Singapore.

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.

ALERT: @gdog97_ spent two years building the dollar inside other people's apps. This month @‌ethena launched its own neobank — savings, a card, free global transfers. He joins me on why, and what owning the full stack changes. Live today, 3:30pm ET.