Ethena Launches Neobank App on Avalanche
Ethena has launched Ethena Pay, a self-custodial neobanking app built on the Avalanche blockchain. The application allows users to hold USDe stablecoin, earn savings rewards, make global transfers in fiat or crypto, and spend via Visa cards. Initially available as a beta with 400 users across 49 countries, it plans to expand into major markets like the U.S., EU, UK, and Canada later. The app offers tiered reward structures: standard accounts earn up to 5% on balances under $5K plus 4% cashback in AVAX. Higher tiers—Pro and VIP—offer increased yield rates (up to 6%) with higher balance limits and better cashback incentives, tied directly to holding or referring ENA tokens. This launch follows a series of strategic moves by Ethena around the ENA token, including restructuring investor lockups, proposing buybacks, and expanding USDe's utility into equity perpetuals. The new app adds consumer-facing distribution for USDe while deepening use cases for ENA.
