Ethena Labs Launches Ethena Pay Beta on Avalanche Across 48 Countries

Ethena Labs has launched the beta version of its self-custody payment app, Ethena Pay, on Avalanche, with availability in 48 countries. According to ChainCatcher, the app integrates Ethena’s synthetic dollar USDe and offers rewards on account balances, including up to 6% annualized yield and up to 10% cash back when using designated merchants. Ethena’s founder said the app is the first bank-like application to integrate a stablecoin issuer’s own products with a banking app. Users can hold USDe, receive fiat through international bank accounts or crypto directly, and send funds to counterparties for settlement in their local currency. The app supports instant global transfers, with free transfers for dollars, euros, and some other currencies, while other bank transfers carry fees. The app has three membership tiers. Standard users can earn 5% annualized yield, while depositing $2,000 in USDe or inviting 10 users upgrades an account to VIP status with 6% yield. A deposit of $10,000 or inviting 50 users enables a further upgrade. Cash back is paid in AVAX. Ethena Pay’s beta is now live on iOS and Android, initially covering Brazil, Mexico, South Africa, the Philippines, Singapore, the UAE, and Australia. The U.S., EU, Canada, and South Korea are expected to be added later. USDe’s circulating supply is about $4 billion.