Ethena launches digital banking app on Avalanche with 6% savings rate

Ethena launched Ethena Pay on Avalanche as a consumer finance app. The app went live on Apple's App Store on Tuesday. Ethena Pay offers a 6% dollar savings rate. The app supports card spending. The app supports international transfers. The app supports fiat onramps. Users can connect local currencies and dollar, pound and euro onramps to self-custodial stablecoin accounts. The app provides fiat international bank account numbers, known as IBANs. Ethena offers 5% cashback on card purchases. ENA rose 9% after the announcement. Ethena is expanding beyond the crypto basis trade that originally generated yield on USDe. USDe is Ethena's $4 billion synthetic dollar token. Last week, Ethena overhauled ENA's token economics. Ethena also outlined plans to use equity perpetuals as another source of returns for USDe. Earlier this year, Ethena introduced a savings product with Coinbase. The Coinbase product created another distribution channel through an exchange with more than 100 million users. Ethena Pay connects savings products to payments. Users can hold savings, earn rewards, and spend or transfer money through the same app.