Ethena launches Ethena Pay on Avalanche with up to 6% yield, 10% cashback

Ethena launched the beta of its self-custodial payments app, Ethena Pay, exclusively on Avalanche. The app lets users hold Ethena's USDe as a dollar balance. Users can receive fiat through IBAN details or crypto directly into their wallets, with both arriving as USDe. Users can send funds to external bank accounts, where withdrawals settle in the recipient's local currency. Instant global transfers through a username or tag have no transfer fee. USD, EUR, and GBP bank transfers are free. Other bank transfers carry fees between 0.05% and 0.1%. Standard membership is free. Pro membership requires locking $2,000 in ENA or referring 10 users. VIP membership requires locking $10,000 in ENA or referring 50 users. Standard users can earn 5% APY on balances up to $5,000. Pro users can earn 6% APY on balances up to $15,000. VIP users can earn 6% APY on balances up to $50,000. Guy Young said USDe's rate funds the savings yield. Ethena has not disclosed the funding source for the rest of the rewards. The Ethena Pay Card pays cashback of 4% to Standard users. Pro users receive 4.5% cashback. VIP users receive 5% cashback. Pro users can receive up to 5% cashback at selected brands. VIP users can receive up to 10% cashback at selected brands including Uber, Spotify and Claude. The beta app is available on iOS and Android. Access is opening in stages across 48 countries. The initial rollout excludes the United States and European Union. Ethena expects to add the United States, European Union, Canada, Taiwan and South Korea during the beta, subject to local regulatory requirements. Young did not provide details about the app's current regulatory approvals or licenses. Iron provides backend infrastructure support, and MoonPay acquired Iron in 2025. USDe's circulating supply stands at about $4 billion. USDe's supply peaked at about $15 billion in September 2025. BaFin ordered Ethena GmbH to wind up its USDe business in June 2025 after the company withdrew its application for authorization under European Union crypto rules. Ethena plans to add countries, currencies and features each week during the beta.