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Ethena’s Grand Vision Is Coming Together
Ethena's Head of Research, Conor Ryder, shares what's next

Right now, there's no DeFi builder quite on the same level as Ethena.
The results are telling. USDe supply is exploding, Converge L2 is coming soon, and the ENA treasury company StablecoinX was just announced.
Capital with conviction
With $260 million of committed cash financing, TLGY's latest PIPE round reflects the highest cash-to-asset-market-cap among any other publicly listed crypto treasury company
— StablecoinX (@stablecoin_x)
12:28 PM • Jul 23, 2025
Meanwhile, Ethena TVL is at all-time-highs of $9.2B, with $7.76B in USDe + $1.45B in USDtb.
Part of their success stems from the most scalable yield in DeFi (sUSDe), thanks to their programmatic delta-neutral trade providing a yield fueled by the crypto perps funding rate. InfiniFi is one team building new DeFi products with Ethena yield under the hood to power its flagship stablecoin product iUSD/siUSD currently paying out 9% to 15% APY with Ethena yield fueling 50% of that juicy yield.
In a new session of Yield Talks on The Edge Podcast, we catch up with Ethena Labs Head of Research Conor Ryder and InfiniFi Labs Founder Rob Montgomery, on the latest news surrounding Ethena’s explosive growth, including how teams like InfiniFi are building better yield strategies powered by underlying USDe/sUSDe. Plus, we squeeze every last detail we can get out of Conor on Ethena’s upcoming L2 Converge launch and their newly announced ENA treasury vehicle, StablecoinX.
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🔗 Guest Links 🔗
► Ethena website: ethena.fi
► InfiniFi website: infinifi.xyz
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► InfiniFi on X: x.com/infiniFi_
► Conor Ryder on X: x.com/ConorRyder
► Rob on X: x.com/RobAnon94
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Disclosure: DeFi Dad and Nomatic are investors in Ethena and InfiniFi.
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