DACM Insights: Ethena’s Guy Young on the $10B cashflow opportunities in crypto

In conversation with Ethena founder, Guy Young

In this conversation, Richard Galvin sits down with Guy Young, founder of Ethena, to discuss how his team built the fastest-growing dollar product in crypto history by tapping into the derivatives market's $10-15 billion annual cashflow opportunity. Guy shares his journey from TradFi distressed investing to launching Ethena after the Luna and FTX collapses, and explains why yield-bearing stablecoins represent a fundamentally different product category from payment stablecoins. The discussion covers the perpetual swap as one of the best financial instruments ever created, why the GENIUS Act will bifurcate the stablecoin market, and Ethena's vision to become the backend infrastructure for the next generation of fintechs and neobanks.