quote: . @gdog97_ explains @Ethena Pay and lays out why owning the entire stack matters by pointing to how Coinbase captures 60% of Circle's USDC revenue
"A lot of the products in the market haven't got the full vertical integration between owning the stablecoin infrastructure, the yield generation engine, and the front end that sits on top. Taking a debit card and putting it on someone else's stablecoin means you lose the most valuable piece of the entire chain, the stablecoin sitting in the background"
"If you're creating one of these platforms and you don't own the whole stack, the issuance of the stablecoins, the generation of the yield, and all the UX and cards and spending on top of it, you've lost the beating heart of these businesses"
"People speak a lot about the Coinbase and Circle deal, where Coinbase makes something like 60% of the revenues of the USDC sitting there. If you always depend on the distribution of others, there isn't that much margin left for you in the end. If you never own the user, you can never control that economic relationship in a much more powerful way"
@ethena | E184: @ethena CEO - Why @EthenaPay Feels Like Revolut, Not MetaMask
@gdog97_ is the founder and CEO of Ethena. He stumbled into DeFi in 2019 when a friend showed him MakerDAO - taking out a $5,000 loan against $10,000 of ETH with no one standing in the middle of the transaction.
Six years later he's running Ethena, which scaled to $15 billion in stablecoin supply faster than anything else in crypto history, and his thesis is that a dollar with a yield in an app that doesn't feel like crypto is what finally brings 100 million new users in.
Timestamps
0:00 Intro
2:37 Which Of Guy's Plans Fell Apart
5:37 Where Actually Are The Users Everyone Wants
7:10 What Got Guy Hooked On Crypto
9:20 PayPal vs Revolut vs Neo Banks
12:43 Partnerships: @variational_io @Bitwise
13:36 Revolut vs Stablecoin Neo Banks
15:58 Is Switching To Neo Banks Really A 10x
18:00 EthenaPay, Explained Simply
21:21 Why Build Another Crypto Neo Bank
23:53 Will Crypto Banks Fight Over The Pie
25:55 How Ethena Wins Users By Helping Everyone
32:47 What Actually Makes Ethena Different
36:51 Ethena's Cashback System Revealed
38:32 How Ethena Cuts Fees
39:39 How Ethena Finds The Best Yield
45:16 Guy On Dealing With FUD
48:35 Why Guy Stays Quiet
49:29 Partnership: @KASTxyz
50:17 Ethena's KPI Targets
51:55 The Holy Grail For A Stablecoin Neo Bank
52:31 Partnerships: @JupiterExchange Ethena
53:14 If Everyone Does The Same Thing, Who Wins
55:23 What's Next For Ethena After EthenaPay
56:36 Is EthenaPay Basically USDe
58:04 Closing Thoughts
0·-Neutral
t
twitter9/8meme
As USDe reward rates move higher, clients can now mint fee-free with USDT as well as USDC.
Following our July announcement of zero-fee USDe minting and redemption with USDC, clients can now also mint fee-free from USDT.
Mint USDe, redeem USDe. No fees. With either of the two largest stablecoins by market cap.
Check the latest reward rate in your rewards dashboard.
0·-Neutral
n
news9/8news
Native USDC on Injective is now live on @krakenfx.
Users can deposit and withdraw $USDC directly between Kraken and Injective, providing unmatched stablecoin access into Injective’s onchain markets and regulated RWAs. https://t.co/9orht2nHXX
75·ALong
n
news9/8news
Stablecoin and Tokenization Infrastructure for Financial Institutions
70·B+Long
n
news9/8news
Stablecoin and Tokenization Infrastructure for Financial Institutions
70·B+Long
n
news9/8news
OP: Stablecoin and Tokenization Infrastructure for Financial Institutions
65·B+Long
n
news9/8news
Stablecoin and Tokenization Infrastructure for Financial Institutions
70·B+Long
n
news9/8news
When AI starts transacting on its own, what does it transact with?
Our group president @EvanAuyang answered that onstage at #CypherAsia by @FinChain_EN. The answer is tokenized assets. Evan elaborated that Hong Kong is exploring all three forms of tokenization, including stablecoins, tokenized deposits, and CBDCs.
Each one needs its own infrastructure and regulatory path, and agentic AI is accelerating that. Machines transacting without human approval need settlement rails that are programmable by default, and consumer behaviour across online and offline commerce is already asking for new payment functionalities.
65·B+Long
m
meme9/8meme
Quiet month? Not on Base
Here’s 25 things the Base ecosystem launched and announced in August
1) @bitso made MXNB available through Base. Users can deposit Mexican pesos on Bitso, withdraw MXNB on Base, and use the Juno vault on @morpho
2) @bitwise launched Automated Token Portfolios on Base with @glider__, using Coinbase Tokenized Stocks. Eligible users can hold 1:1 share-backed equity portfolios in self-custody and use them as collateral in DeFi
3) @awscloud made AgentCore Payments generally available with @coinbase and @stripe using x402. Agents can pay for APIs, content, data feeds, and more
4) @travalacom integrated Amazon Bedrock AgentCore payments from @awscloud into the Travala Travel MCP. Agents can book 2.2M+ hotels with USDC using Base
5) @o1_exchange launched a Stock launchpad, built natively on the B20 Stock token standard on Base. Issuers can launch stock tokens on Base through that pad
6) @avantisfi launched V2 in private beta on Base. Existing Avantis traders can trade 100+ assets, RWAs, and Upside Perps
7) @youdotcom is adding x402 support to its Web Search API on Base. AI agents can pay per query for live web data without API keys, subscriptions, or a human checkout
8) @bankrbot partnered with @aerodromefi on an Aerodrome Stock LP skill. Users can become LPs for tokenized stocks on Base with a Bankr agent opening and managing the position 24/7
9) @baibai_cx went public on Base as a PropAMM + aggregator built by @spire_labs. Traders can swap against onchain market-maker quotes and aggregated DEX liquidity
10) @overseepay went live on Base. Users can move dollars onchain for remittances to Pakistan
11) @credifi opened unsecured loans of up to $3,000 for @ethos_network users with a Credibility Score of 1800+. Eligible borrowers can take credit with no collateral and no liquidation
12) @send launched Send Cards. Users can fund a card with USDC on Base in the Send app and spend that balance on everyday purchases
13) @joincero introduced their product. Cero card will convert everyday spend into a 0-1000 score toward rewards and credit when early access starts
14) @longshotxyz launched on Base. Eligible non-US regions get free and paid prediction contests plus customizable combo markets
15) @syntetika opened deposits with BTC Basis+, a delta-neutral Bitcoin basis strategy managed by @hilbertcapital using cbBTC on Base
16) @peerxyz launched on iOS and Android. Venmo, Cash App, Revolut, Wise, PayPal and similar apps can fund USDC on Base from the phone
17) @zothdotio announced zVaults on Base opening soon. One deposit will hold a basket of tokenized US stocks in a self-custodial wallet
18) @forevermoney_ai brought the Bittensor ecosystem to Base via Chainlink CCIP. Bittensor’s AI network can now plug into Base apps for compute, coding, vision, and prediction
19) @zaruniversal launched ZARU on Base. A 1:1 rand-backed stablecoin settles payments onchain in seconds instead of one to three business days
20) @anoma launched AnomaPay on Base. Base assets can be deposited and sent confidentially with payment links
21) @rena_labs launched Insider Scan on Base. Users can exchange liquidity, spreads, depth, and volume sit in one view, with plain-language questions
22) @veildotcash activated NVDAc in its Multi-Asset Pool on Base. Tokenized Nvidia can be deposited and sent privately through Veil
23) @dinariglobal launched regulated dShares of the full S&P 500 for US investors and businesses, live on Base. US holders get 24/7 onchain access with voting, dividends, and a claim to the backing security
24) @b3labs introduced B3IQ. Teams can own a hosted Nvidia GPU over time, run private inference on that hardware, and rent idle capacity, with payouts in USDC on Base
25) @pixiechess is live on a mobile browser. Chess for real money can be played from a phone browser on Base
0·-Neutral
n
news9/8news
KuCoin Ventures Weekly Report: Onchain Financial Infrastructure Expands as Crypto Markets Remain Resilient Amid High Real Yields. 1. Weekly Market Highlights Stablecoin and Securities Tokenization Initiatives Advance in Parallel as TradFi Expands Further int
65·B+Long
n
news9/7news
Crypto + Macro Stuff I'm Looking At Today
...
- Tradfi markets closed today for Labor Day
- CPI and PPI inflation data coming out this week
- EIP-8141 may allow Ethereum users to pay for gas with stablecoins by sometime next year (very interesting - link below)
- $QQQ at $718.96
- Oil at $92.72 and lots of attention on crack spreads
- Gold at $4,405.40
- Total crypto market cap at $2.765T
- My beloved $FXN up almost 200% from spring lows - to $28.19(!) (still insanely undervalued though!)
- Hunter Biden to apparently release a memecoin on Wednesday called $LAPTOP, with part of supply airdropped to wallets that lost money on $TRUMP and 30% of supply to be burned if Democrats win the 2028 election
- Also... odds of Democrat sweep in November have risen to 52%
- $PONS, $ZEC, and $ENA all getting lots of positive attention on the TL (link below)
- Copper hits ATH
- Variational still most anticipated airdrop (link below)
- Stacks $STX to launch self-custodial Bitcoin staking
- Biggest bond bear market in US history continues... with $TLT (long-duration US bond ETF) averaging -7.65% per year the last 5 years, while conversely $QQQ (stonks) averaged +13.82% per year during that time
- (Related) 30 year fixed rate mortgages in the US are averaging 6.71% right now, down from high of 7.79% and up from 2.65% in 2021
- Above issue (yields and thus mortgages at record highs - since mortgage rates track long-duration US bond rates) is a very bullish setup for US real estate imho, at least residential (definitely not office) and at least in states people want to move to... As a result I still have significant exposure to $JOE (FL landholding + development company with huge holdings in the Panhandle/Bend section of FL) as my main RE exposure
- Also re: the above... I think the odds on Polymarket re: the Fed raising vs cutting rates are WAY WAY off (and thus asymmetric) and therefore I am seriously considering throwing a bit of money on bets that they somehow actually cut rates by EOY. The payoffs are absolutely insane proportionally and I can still 100% see it happening depending on how things go. Consensus is the opposite though with the bond market pricing in an 88% chance they RAISE by end-of-year...
- Also re: the above... I thought Trump's post on Truth Social over the weekend was quite shocking, where he seemed to openly threaten the Fed... saying (again, directed toward the Fed): "LOWER THE RATE OR I'LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT..." - which is quite startling and perhaps blackpilling to consider the President and Fed are openly at war to this degree... but it seems like Powell and his ilk who are still on the board are refusing to lower rates as Trump (and presumably Warsh) want... very fascinating situation that really brings up a lot of questions about how much control over the Fed the Executive Branch is supposed to have in the US...
- Also lots of talk about security and OpSec after Bold losing all his on-chain funds... tbh I remain a huge fan of just having all your on-chain crypto on a dedicated $200 Chromebook (or several) with multiple handwritten seed phrases cut in half and kept in multiple secure locations. Then if you are managing a defi protocol or something and need to sign all the time create a multi-sig. Or if you're degening on-chain and doing lots of transactions just separate your long-term holdings from that wallet. And if you have serious wealth in crypto diversify between on-chain and off-chain and various chains/counterparties/etc.
Conclusion
That is everything lads!
Remember to get jacked and tan for the $ETH $10k party! 💪
-and lift weights while watching the sun set! see pic below :)
75·ALong
m
meme9/7meme
Crypto + Macro Stuff I'm Looking At Today
...
- Tradfi markets closed today for Labor Day
- CPI and PPI inflation data coming out this week
- EIP-8141 may allow Ethereum users to pay for gas with stablecoins by sometime next year (very interesting - link below)
- $QQQ at $718.96
- Oil at $92.72 and lots of attention on crack spreads
- Gold at $4,405.40
- Total crypto market cap at $2.765T
- My beloved $FXN up almost 200% from spring lows - to $28.19(!) (still insanely undervalued though!)
- Hunter Biden to apparently release a memecoin on Wednesday called $LAPTOP, with part of supply airdropped to wallets that lost money on $TRUMP and 30% of supply to be burned if Democrats win the 2028 election
- Also... odds of Democrat sweep in November have risen to 52%
- $PONS, $ZEC, and $ENA all getting lots of positive attention on the TL (link below)
- Copper hits ATH
- Variational still most anticipated airdrop (link below)
- Stacks $STX to launch self-custodial Bitcoin staking
- Biggest bond bear market in US history continues... with $TLT (long-duration US bond ETF) averaging -7.65% per year the last 5 years, while conversely $QQQ (stonks) averaged +13.82% per year during that time
- (Related) 30 year fixed rate mortgages in the US are averaging 6.71% right now, down from high of 7.79% and up from 2.65% in 2021
- Above issue (yields and thus mortgages at record highs - since mortgage rates track long-duration US bond rates) is a very bullish setup for US real estate imho, at least residential (definitely not office) and at least in states people want to move to... As a result I still have significant exposure to $JOE (FL landholding + development company with huge holdings in the Panhandle/Bend section of FL) as my main RE exposure
- Also re: the above... I think the odds on Polymarket re: the Fed raising vs cutting rates are WAY WAY off (and thus asymmetric) and therefore I am seriously considering throwing a bit of money on bets that they somehow actually cut rates by EOY. The payoffs are absolutely insane proportionally and I can still 100% see it happening depending on how things go. Consensus is the opposite though with the bond market pricing in an 88% chance they RAISE by end-of-year...
- Also re: the above... I thought Trump's post on Truth Social over the weekend was quite shocking, where he seemed to openly threaten the Fed... saying (again, directed toward the Fed): "LOWER THE RATE OR I'LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT..." - which is quite startling and perhaps blackpilling to consider the President and Fed are openly at war to this degree... but it seems like Powell and his ilk who are still on the board are refusing to lower rates as Trump (and presumably Warsh) want... very fascinating situation that really brings up a lot of questions about how much control over the Fed the Executive Branch is supposed to have in the US...
- Also lots of talk about security and OpSec after Bold losing all his on-chain funds... tbh I remain a huge fan of just having all your on-chain crypto on a dedicated $200 Chromebook (or several) with multiple handwritten seed phrases cut in half and kept in multiple secure locations. Then if you are managing a defi protocol or something and need to sign all the time create a multi-sig. Or if you're degening on-chain and doing lots of transactions just separate your long-term holdings from that wallet. And if you have serious wealth in crypto diversify between on-chain and off-chain and various chains/counterparties/etc.
Conclusion
That is everything lads!
Remember to get jacked and tan for the $ETH $10k party! 💪
-and lift weights while watching the sun set! see pic below :)
0·-Neutral
m
meme9/7meme
quote: You’ve collected Suitcases. Now it’s time to unpack the rewards 🧳
→ Travel Points
→ XP and boosts
→ Partner perks
Open Nomadz on your Seeker and see what’s inside! | Seeker Season takes off with @NOMADZxyz ✈️
Book 1M+ stays with stablecoins, better rates, and rewards built around travel.
Seekers get a free Suitcase NFT, a 30% XP boost, and early access to Nomadz Travel Points.
Available now on the Solana dApp Store.
0·-Neutral
m
meme9/7meme
quote: Seeker Season 2 by @solanamobile is live and we shipped exclusive features for Seeker users
• open Suitcases and get rewards
• collect Travel Points
• use them for bookings
Travel with @NOMADZxyz on Seeker https://x.com/solanamobile/status/2097077264055718235 | Seeker Season takes off with @NOMADZxyz ✈️
Book 1M+ stays with stablecoins, better rates, and rewards built around travel.
Seekers get a free Suitcase NFT, a 30% XP boost, and early access to Nomadz Travel Points.
Available now on the Solana dApp Store.
0·-Neutral
n
news9/7news
Seeker Season takes off with @NOMADZxyz ✈�
Book 1M+ stays with stablecoins, better rates, and rewards built around travel.
Seekers get a free Suitcase NFT, a 30% XP boost, and early access to Nomadz Travel Points.
Available now on the Solana dApp Store. https://t.co/OGa7i5RG8P
25·CLong
m
meme9/7meme
Seeker Season takes off with @NOMADZxyz ✈️
Book 1M+ stays with stablecoins, better rates, and rewards built around travel.
Seekers get a free Suitcase NFT, a 30% XP boost, and early access to Nomadz Travel Points.
Available now on the Solana dApp Store.
0·-Neutral
n
news9/7news
Last week in Bitcoin:
→ Bitcoin held the low $80Ks, printing a weekly high near $82K on September 3 (its highest since May) before a blowout August jobs report pushed it back under $80K, up roughly 2% on the week.
→ The Liquid Network was paused after roughly 4,000 BTC (~$320M) left the Blockstream-run Federation wallet via an Elements software bug.
→ The UK's Hargreaves Lansdown opened nine crypto ETNs to its ~2M retail clients, nearly a year after ban was lifted.
→ France's Capital B ran a rare raise-and-buy in a single announcement on September 7, adding 376 BTC via a €30.1M raise to reach 3,521 BTC group-wide.
→ US spot Bitcoin ETFs pulled in $986.9M for the week (third straight positive week, IBIT led at $691.5M).
→ 21Shares said it will commit its own BTC treasury to the Stacks Genesis Bond for institutional Bitcoin staking launching September 10.
→ The CLARITY Act's fate hinges on a September 15 Senate cloture vote needing 60 votes, with stablecoin rewards, ethics rules, and AML provisions still unresolved.
→ Optech #421 advanced post-quantum work with two new proposals (SHRINCS and DropKick) alongside a Core Lightning DoS fix.
75·ALong
n
news9/7news
RealFi Industry News Highlight: 🧵
This week highlights AI moving toward physical-world intelligence, global regulators aligning around digital assets and stablecoins, and major markets formalizing crypto into regulated financial infrastructure
75·ALong
m
meme9/7meme
quote: .#TRONEco continues its upward trajectory this week, driven by surging transfer volumes, record-breaking AI token throughput, and robust network liquidity.
On the infrastructure side, global installations for BitTorrent climbed to 585,529,866, with $BTT staking APY on #BTTC reaching 6.43%.
Dive into the full weekly report below. | TRON Eco Weekly Recap | Aug 31 to Sep 6
TRON Eco continued to gain momentum last week, with TRON’s $USDT supply increasing by another $4B in August to surpass $94.27B, while @DeFi_JUST’s GasFree recorded $13.62B+ in monthly transfer volume, 818K+ transactions, and 437K+ users.
@OfficialSUNio hosted two Spaces exploring AI infrastructure and stablecoin user experiences. @BitTorrent reached 585,529,866 global installations, while @WinkLink_Oracle’s $WIN saw $883.77K in supply and $2.93K in total borrows on #JustLendDAO.
Meanwhile, @AINFTcom continued advancing AI and Web3 initiatives, while @BAI_AGI surpassed 2.3M users, processed 10.9T+ tokens during its free promotion, and hit a record 1.33T daily token throughput.
And that’s not all. Take a look at the recap below for more from across #TRONEco. ⤵️
0·-Neutral
n
news9/7news
Tomorrow. Geneva. 🇨🇭
The iExec team joins the Onchain Leaders Gathering, hosted at @DecentralHouse, alongside @STORM_Partners, @blobb_io @ColossusItaly, @scorechain & @sygnumofficial.
150 curated seats. Banks, asset managers, regulators, and infrastructure builders in one room for the questions actually moving institutional finance on-chain: RWAs, stablecoins, custody, MiCA/FINMA, institutional DeFi.
We'll be talking confidential DeFi, RWA infrastructure, and what verifiable execution means for institutional workflows.
⌛Last call for invitations → https://luma.com/zrbsjzp3