Ethena Launches USDe Payments App Offering 6% Rewards Across 48 Countries
Ethena protocol has launched Ethena Pay, a global money app built around its synthetic USDe dollar, enabling users in 48 countries to hold dollar-denominated balances, earn up to 6% annual rewards, and spend funds with a payment card. The app supports fiat and crypto deposits, with settlement exclusively on Avalanche blockchain. The beta launch is initially limited to 400 users with plans for weekly expansion. Ethena also plans to expand the app into the US, EU, and other markets pending regulatory approval.
Ethena Pay App for Everyday Payments and Transfers
Ethena announced the launch of Ethena Pay, a self-custodial mobile application enabling users to hold USDe—the protocol's synthetic dollar—through a dollar-denominated balance. Users can earn up to 6% annualized rewards, incentivizing savings within the app. A payment card allows funds to be spent easily, with fiat onramps also supported.
The beta launch covers 48 countries across Latin America, the Caribbean, Africa, and Asia. Initially limited to 400 users, access is planned to expand weekly. Avalanche blockchain serves as the exclusive settlement layer for all payments and transfers.
App Functionality and Backend Infrastructure
Users can deposit either fiat currency or cryptocurrencies, which are converted into USDe within the app. The app supports moving money to and from external bank accounts in local currencies by using IBAN information.
The backend payment infrastructure is provided by Iron, a company owned by MoonPay. Ethena Pay is not initially available in the United States, European Union, Canada, Taiwan, or South Korea, but plans exist to expand into these markets pending regulatory approval.
Growth of USDe and Governance Token ENA
USDe is an Ethereum-based synthetic stablecoin collateralized by crypto assets and managed using hedging strategies, including derivative positions, to maintain its peg near $1. According to DefiLlama data, USDe’s market capitalization has reached approximately $4.1 billion, ranking it as the sixth-largest stablecoin.
Ethena also issues ENA, the protocol’s governance token, with a market cap around $1.5 billion. ENA has rallied about 68% in the past month, following a proposal by the Ethena Foundation to allocate 95% of net revenue from Ethena’s core businesses towards ENA buybacks once USDe’s circulating supply reaches $7.5 billion.
Following the announcement, ENA’s price increased over 10%, with weekly gains of 27%. Trading volume hit roughly $595 million over the last 24 hours, with the token priced near $0.16 according to CoinGecko.
Why it matters
The launch of Ethena Pay marks a significant advancement in the adoption of crypto-native stablecoins by integrating USDe into everyday consumer payments, savings, and cross-border transfers with competitive rewards. Leveraging Avalanche for settlements emphasizes a focus on scalability and transaction efficiency. Additionally, growing adoption and buyback plans for the governance token ENA reflect increasing confidence and maturation of the project. This development represents a key milestone in bridging decentralized finance assets with mainstream financial usability, potentially fostering broader crypto acceptance and real-world utility.
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