Ethena Pay Brings Direct Yield to Users Through Synthetic Dollar Neobank

Guy Young, a seasoned financier, has launched Ethena Pay, a neobank app built exclusively on the Avalanche blockchain. The app allows users to hold balances in USDe, Ethena's synthetic dollar, earning up to 6% APY and spending those balances through a Visa card with cashback ranging from 4-5% at baseline.

Young spent nearly a decade in traditional finance before founding Ethena Labs in March 2023. He initially focused on USDe, a synthetic dollar maintained through delta-neutral strategies, which worked well enough to push the circulating supply past $14B in October 2025.

However, after the cooldown, Young pivoted toward consumer finance and launched Ethena Pay on September 1. The app has already seen seven-figure deposits within its first two weeks and has processed over $30B in mint and redeem flows across its ecosystem.