From Coinbase to Crude

Ethena makes a run at neobanking

Ethena is taking USDe beyond trading with Ethena Pay, a self-custodial money app built on Avalanche that combines stablecoin balances with bank transfers, a payment card, 5–6% APY and cashback rewards. The pitch is basically to make USDe behave more like an everyday dollar account: users can receive fiat or crypto, send money globally and spend through the card without leaving the app. It’s launching across 48 countries, though notably not yet in the U.S. or EU, and Ethena hasn’t disclosed exactly how all of the extra rewards are funded. Read more →

Bitwise launches PAPY

Only days after crossing $1 billion on their Solana ETF (BSOL), as well as launching Automated Token Portfolios on Base, Bitwise is in the news again with another interesting on-chain launch. Today, the company is introducing the Bitwise Premium RWA Vault (PAPY) on Morpho. PAPY earns yield (targeting 5-6%) by programmatically lending out AUSD balances against over-collateralized tokenized real-world assets (RWAs). A bit difficult to explain the nuances here in a quick summary, but it’s another example of a multi-billion AUM company doing interesting things on blockchains. Launches like this make crypto feel alive. Read more →