Ethena said on Sept. 1 that it has launched Ethena Pay, a self-custodial finance app built around stablecoin payments, savings, and cross-border transfers. The product is described as a "new bank for internet money" and combines USDe with spending and account functions. It is now live on iOS and is being rolled out in phases across 48 countries and regions.
According to the announcement, Ethena Pay offers up to 6% annualized yield on dollar savings and up to 5% card cashback. The app also supports free instant global transfers and includes fiat on-ramp options for USD, GBP, and EUR, along with IBAN accounts. Users can deposit either fiat or crypto, hold balances in USDe, and withdraw funds to bank accounts in local currency.
Ethena also introduced a tiered membership system. Users can unlock higher yield and cashback levels by locking ENA or referring other users. Cashback at selected merchants can reach as high as 10%. The product currently runs on Avalanche, while the United States and the European Union are not part of the first batch of supported regions.
Ethena said on Sept. 1 that it has launched Ethena Pay, a self-custodial finance app positioned as a "new bank for internet money." The product combines the stablecoin USDe with payments, savings, and global transfer functions.
Ethena Pay is now live on iOS and is being opened in phases across 48 countries and regions. The app offers up to 6% annualized yield on dollar savings and up to 5% cashback on card spending. It also supports free instant global transfers and integrates fiat deposit channels for USD, GBP, and EUR, as well as IBAN accounts.
Users can deposit fiat currencies or crypto assets into the account and hold funds in the form of USDe. They can also withdraw money to bank accounts and settle in local currency.
Ethena Pay also includes a tiered membership system. Users can get higher yield and cashback tiers by locking ENA or inviting other users. Cashback at selected merchants can go as high as 10%. The product currently runs on the Avalanche network, and the United States and the European Union are not included in the first batch of available regions.
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