Guy Young is the CEO and Founder of Ethena Labs, a crypto infrastructure company building USDe, a fully backed on-chain stablecoin powered by the ETH staking yield and perpetual swaps. ^[1][2]

Career

Young began his career in traditional finance, where he held roles in investment banking, hedge funds, and private equity for nearly a decade. In 2016, he joined Cerberus Capital Management, a U.S.-based investment firm, where he worked until 2022. During this period, he contributed to the firm’s expansion into Australian markets and oversaw investments in sectors such as banking, specialty finance, insurance, and financial technology.

In 2023, Young founded Ethena Labs, a decentralized finance protocol built on the Ethereum blockchain. The company introduced USDe, a synthetic U.S. dollar stablecoin designed to operate independently of the traditional banking system. Under his direction, Ethena Labs secured a $6 million seed funding round in July 2023 from a mix of venture capital firms and industry investors. The project drew attention for its approach to stability and for gaining early backing from figures such as Arthur Hayes, who supported Young’s vision for a non-bank-dependent digital dollar. ^{[1] [3] [4]}

Interviews

Crypto Treasury Companies

In an August 2025 episode of "Unchained," the discussion centered on corporate treasury companies and their viability in the cryptocurrency space. Host Laura Shin, Young, and Rob Hadick from Dragonfly examined the emergence of treasury vehicles, focusing on structures such as Special Purpose Acquisition Companies (SPACs) and equity financing. They highlighted how the industry's growth led to a saturation of similar projects, creating potential oversupply and a risk of deflation in valuations. Young and Hadick emphasized the importance of aligning incentives within these companies and being cautious about excessive dilution from PIPE investments. They also noted the distinction of MicroStrategy as having unique financial structures, driven by its Bitcoin acquisitions, while expressing skepticism regarding the general speculative climate in crypto. Ultimately, they argued that understanding these treasury strategies and their market dynamics was crucial for investors looking to navigate the evolving landscape. ^[8]

$ENA

On BidCast in August 2025, a discussion about the potential future of $ENA featured Young, who highlighted the rapid growth of their stablecoin, USDe, which had surged to approximately $8.5 billion in supply over a short period. He discussed various growth strategies, including partnerships and integrations with platforms like Hyperliquid, which could significantly increase revenue by leveraging new trading opportunities. Young noted that there were key developments, such as the recent approval of the GENIUS Act, which would facilitate interactions with major financial institutions. However, immediate impacts on revenue were not expected. Despite some disappointments regarding the performance of certain initiatives, he remained optimistic about achieving a target of $12 billion in total value locked (TVL) by the year's end, emphasizing a thoughtful approach to fee structures to ensure sustainable growth. ^[9]

Presentations

Ethena x TON Keynote

Young and Halil Mirakhmed presented a collaboration between Ethena and Telegram's TON at TOKEN2049 in Dubai in May 2025, aiming to develop a financial product accessible to a billion users, specifically a dollar savings account. They discussed how the integration would leverage Telegram's massive user base and TON's blockchain technology to provide solutions for users affected by local currency inflation. The partnership was set to introduce new features to the Telegram wallet, allowing users to earn savings through the TSUSD product, powered by Ethena. They highlighted the potential benefits of this collaboration in expanding the DeFi ecosystem and creating a seamless experience for users to save, spend, and stake their assets within the TON framework. The initiative aimed to provide accessible financial solutions to individuals struggling with local economic challenges. ^[10]

TradFi x DeFi

At the Digital Asset Summit in March 2025, Young and Sergey Nazarov (Chainlink) discussed stablecoin innovation. Young introduced Ethena Labs and its products, including the IUSD and the established USDe, highlighting the rapid growth of their stablecoin, which reached over $6 billion in supply within a year. He explained that Ethena's mission focused on creating a compliant, yield-bearing dollar product that appeals to both retail individuals and large financial institutions. Nazarov described the innovative use of off-chain custody and automated hedging mechanisms in managing risks, as well as the importance of identity verification in facilitating institutional participation in decentralized finance (DeFi). He discussed the convergence of traditional finance (TradFi) and DeFi, emphasizing the challenges posed by compliance requirements and the potential for developing dual versions of financial applications to bridge the two worlds. Finally, he outlined the upcoming launch of Converge, a blockchain designed to enhance the settlement layer for compliant cryptocurrency transactions and attract institutional capital, effectively merging traditional finance (TradFi) structures with decentralized finance (DeFi) innovations. ^[11]

Panels

GENIUS & L1s

In July 2025, on the Hivemind podcast, host Jose and the Hivemind team held a discussion with Young about key developments in the cryptocurrency market, with particular focus on Ethena’s new USD stablecoin vehicle. They explored the dynamics of the cryptocurrency market, highlighting key players such as Binance, Tether, and the futures market, which collectively generate substantial cash flow. The conversation included an analysis of market sentiment following the passing of the GENIUS Act, which could reshape the regulatory environment for stablecoins. Furthermore, the panel examined the challenges faced by newer players in the stablecoin space, emphasizing that while concerns were raised regarding the sustainability of existing platforms, such as Ethena, in the face of strong incumbents, they also recognized the potential for innovation and adaptation within the industry. The overall atmosphere reflected cautious optimism about future developments and the evolving financial landscape in the cryptocurrency sector. ^[12]

Stablecoin Evolution

At TOKEN2049 Singapore in September 2023, a panel discussion focused on the evolution of stablecoins featured Emma Cui (LongHash Ventures), Young, and Vincent Chok (First Digital), as well as Raagulan Pathy (Circle). Pathy emphasized the significance of USDC as a leading regulated stablecoin. At the same time, Chok introduced First Digital Trust's new project, fdUSD, which aims to become a key player in Hong Kong's stablecoin landscape. Young discussed his work on a decentralized stablecoin set to launch soon. The panelists explored various stablecoin structures, their use cases—ranging from cryptocurrency trading to providing alternative currencies for individuals in economically unstable regions—and the challenges they face, particularly in terms of regulatory compliance. They acknowledged the need for user-friendly technology to drive mass adoption of stablecoins. Overall, the discussion highlighted both centralized and decentralized approaches, with consensus on the need to maintain stable and transparent stablecoins to protect users, while also expressing optimism for future innovations and integrations in the space. ^[13]