In this episode of the Unchained podcast, Guy Young, the founder of Ethena Labs, shares insights into the impressive rise of their synthetic dollar, USDe, which has quickly established itself as a significant competitor in the stablecoin market, even outpacing DAI. Young points to the successful reduction of over a billion dollars in supply during market downturns as a strong endorsement of their innovative design. He underscores Ethena's plan to transition from DeFi to CeFi, and ultimately to TradFi, using USDe's attractive yield to draw in institutional investors. Additionally, he introduces a new stablecoin, USTB, backed by BlackRock, aimed at centralized exchanges, and discusses some risks linked to the popular "Aavethena" leverage strategy. Finally, Young shares his hopeful perspective on Bitcoin's potential to separate itself from market volatility and outlines his vision for Ethena's future growth and expansion into new ecosystems.
