Guy Young: Why This Is The Biggest Opportunity In Stablecoins Yet (Full Thesis)
Why Ethena's TAM Just Went From $2.5T To $150T
RWA perps just expanded Ethena's addressable market from $2.5 trillion of crypto to $150 trillion of everything else. Guy Young explains why he thinks that's a bigger unlock than anything USDe has done so far, and why Ethena Pay is the first thing he's been this excited about since launch. He's candid about the past three years too as he covers a comical run of four-sigma events, a cap table he now calls a mistake, and the decision to buy out every investor who'd been selling. On buybacks, he breaks ranks with the market: he thinks they're the wrong call at this size, and he's doing them anyway.
Guy Young is the Founder and CEO of Ethena Labs, the team behind USDe.
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