Ethena Launches Ethena Pay on Avalanche, Offering Up to 6% Yield and 10% Cashback

ChainCatcher report, according to The Block, Ethena Labs has launched the beta version of its self-custody payment app, Ethena Pay, on Avalanche, available in 48 countries. The app integrates Ethena’s synthetic USD, USDe, allowing users to earn rewards on their account balances, including up to 6% annualized yield and up to 10% cashback when using designated merchants. Ethena’s founders state this is the first bank-like application to integrate a stablecoin issuer’s own product with banking services. Users can hold USDe, receive fiat currency via international bank accounts or direct crypto deposits, and send funds settled in the recipient’s local currency. The app supports “instant” global transfers, with free transfers in USD, EUR, and other fees applying for transfers to other banks. It offers three membership tiers: Standard users earn 5% annualized yield; depositing $2,000 in USDe or inviting 10 users upgrades to VIP tier for 6% yield; depositing $10,000 or inviting 50 users unlocks the next tier. Cashback is paid in AVAX. The beta version of Ethena Pay is now live on iOS and Android, initially available in Brazil, Mexico, South Africa, the Philippines, Singapore, the UAE, Australia, with the U.S., EU, Canada, and South Korea to follow. The current circulating supply of USDe is approximately $4 billion.