Side by side @EthenaPay and @Plasma for the same €16.80 transaction: Ethena Pay: $19.72 charge, $0.88 cashback = net cost $18.84 Plasma: $19.90 charge, $0.39 cashback = net cost $19.51

No other crypto neobank can run Ethena Pay's model today The issuer owning the neobank leads to so many structural advantages like more sustainable earnings, no revenue share, owning the distribution channel, stickier user base Over any decent timeframe these structural differences will add up

Ethena issues the key underlying asset of Ethena Pay and every USDe balance held in Ethena Pay allows for the full backing revenue to stay inside the Ethena ecosystem That single structural difference is what funds the highest rewards in the market

Ethena Pay has been a year in the making and represents Ethena's first time going direct to consumer We've been using it for months now and we couldn't be more excited to bring this product to market The neobank model has been crying out for an asset issuer to own the full stack. Adding a card to USDC and USDT spending leaks value to external stablecoin issuers which can be internalized within the product Ethena issues the underlying asset of Ethena Pay, so every balance in app is an Ethena owned asset and Ethena owns 100% of the rewards on the backing That is the core offering, and it is what allows @EthenaPay to offer the highest, and most sustainable savings rate in the market From a user perspective, earning is the default state of money within Ethena Pay, with crypto complexity abstracted away and no action required to earn 6% on balances, 5% cashback, borderless, free, instant global money transfers. Send, spend and save powered by USDe Excited is an understatement