The @ether_fi team executed one of the most impressive product expansions in the last cycle growing into the most successful self custodial neobank in the space. We've been impressed from the outside on their execution quality, consistency building through the bear market and obsessive focus on product - one of the few teams we look up to at Ethena. Yes it is somewhat competitive with Ethena Pay, but the very best builders just focus on building the best product with the best partners, and look beyond the crypto-native user set as the addressable market opportunity. Ethena will power their new whitelabel stablecoin end-to-end, with USDe already supporting their separate earn savings vaults. In order for these applications to fully capture their revenue opportunity, they need to control the deposit and float via stablecoin balances. This is a trend @ether_fi will pioneer and I'm sure we will see others will follow closely behind.