Conor Ryder(@ConorRyder):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

Conor Ryder

@ConorRyder

Head of Research @ethena | Prev. Research @KaikoData

Joined October 2011

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Conor Ryder@ConorRyder

2026.09.04 11:13

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