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Ethena Pay is a new product launched by Ethena. I’ve always believed that the most important aspect of a stablecoin product isn’t telling a big story, but truly integrating into users’ daily lives—by distributing stablecoins and expanding use cases. Ethena Pay combines earning, spending, and transfers into one platform; users can unlock higher membership tiers by locking up $ENA, gaining rewards of up to 6% and cashback of up to 5%. Next, it will be important to see whether these incentives drive real user adoption and sustained usage, while further fueling value for its token.

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