Ethena Launches Ethena Pay to Bring Its Stablecoin into Everyday Financial Activities
Ethena has launched a beta version of its self-custodial financial app called Ethena Pay, aiming to integrate its synthetic dollar stablecoin USDe into everyday banking activities. Built on the Avalanche blockchain, the app allows users to hold and earn interest on USDe balances, send money globally, and make purchases using a payment card linked to Visa's merchant network. The move represents a strategic shift for Ethena from focusing primarily on DeFi markets toward serving broader consumer financial needs such as saving, spending, and transferring funds. Founder Guy Young emphasized the potential of neobanking in expanding crypto adoption beyond existing users into mainstream finance by offering near-instant transactions, zero-cost transfers, and competitive savings rates. Ethena Pay is initially available in 48 countries outside the U.S. and EU. The app offers tiered APYs on USDe balances—up to 6% for VIP accounts—and cashback rewards paid in AVAX tokens.
Topics: blockchain finance crypto neobanking stablecoin adoption