Ethena is positioning Ethena Pay as a neobank designed to attract users with yield rather than traditional loyalty. Guy, discussing the product shortly after its launch, said Ethena already controls the engine that generates the yield behind its offering. Ethena Pay is rolling out across nearly 50 countries through a slow, controlled expansion and uses Avalanche for settlement. The product masks its self-custody architecture from users, while Ethena has shifted USDe’s backing from basis trades toward AAA-rated real-world-asset lending. Guy said card spending—not USDe yield—is the key metric, and reported seven-figure deposits during Ethena Pay’s first two weeks.