Ethena Labs has announced the launch of the beta version of Ethena Pay, a self-custodial payment application, on the Avalanche blockchain, according to The Block. The app initially covers 48 countries and integrates Ethena's synthetic dollar USDe, allowing users to earn rewards on their account balances, including up to 6% annual percentage yield (APY) and up to 10% cashback when spending at designated merchants.
The founder of Ethena stated that this is the first bank-like app to integrate a stablecoin issuer's own product with banking services. Users can hold USDe, receive fiat currency via international bank account numbers (IBAN) or direct cryptocurrency deposits, and send funds to others with settlement in the recipient's local currency. The app supports "instant" global transfers, with free transfers for USD and EUR, while other bank transfers incur fees.
Three membership tiers are available: Standard users earn 5% APY; depositing $2,000 in USDe or inviting 10 users upgrades to VIP status with 6% APY; a further upgrade requires $10,000 or 50 referrals. Cashback rewards are paid in AVAX tokens.
The beta version is live on iOS and Android, initially covering Brazil, Mexico, South Africa, the Philippines, Singapore, the UAE, and Australia, among others. The United States, European Union, Canada, and South Korea are expected to join later. Currently, the circulating supply of USDe is approximately $4 billion.