Ethena's self-custodial neobank app launches beta across 48 countries on Avalanche, offering up to 6% APY on USDe savings and up to 10% cashback at partner brands.
Ethena (ENA) has moved beyond its stablecoin roots with the launch of Ethena Pay, a consumer finance app that packages savings, card spending, and cross-border transfers into a self-custodial product.
The app became available on Apple's App Store and Android on Sept. 1, entering beta across 48 countries simultaneously.
Every balance in the app is denominated in USDe (USDE), Ethena's synthetic dollar token, which currently has a circulating supply of approximately $4 billion. Users can add funds through International Bank Account Number (IBAN) details or by sending crypto directly to their in-app wallet. In both cases, funds arrive as USDe. Outgoing transfers to bank accounts settle in the recipient's local currency.
Membership Tiers and Card Rewards
Ethena Pay operates on three membership levels that determine savings rates and card cashback. Standard membership is free and earns 5% APY on balances up to $5,000. Pro membership requires locking $2,000 worth of ENA or referring 10 users, and it earns 6% APY on balances up to $15,000. VIP membership requires locking $10,000 in ENA or referring 50 users and earns 6% APY on balances up to $50,000. Ethena said USDe's yield funds the base savings rate but did not disclose the source of the additional reward payments above that rate.
The Ethena Pay Card pays cashback in Avalanche (AVAX). Standard users receive 4% on general spending, Pro users receive 4.5%, and VIP users receive 5%. Pro and VIP members can also earn up to 5% and 10% cashback, respectively, at a set of selected partner brands including Uber, Spotify, and Claude. Instant transfers between users via username carry no fee. USD, EUR, and GBP bank transfers are also free, while other bank transfers cost between 0.05% and 0.1%.
Ethena founder Guy Young said the app is the first neobanking product built directly on a stablecoin issuer's own dollar token, rather than depending on third-party stablecoins such as USDC or USDT. He said the fragmentation between fiat and crypto financial services was the core problem the app was designed to solve.
Related Article:Ethena Proposes ENA Buybacks and Overhauls Investor Token Unlock Schedule
Avalanche Infrastructure and Regulatory Background
Avalanche is the sole settlement network for Ethena Pay, handling all transfers, payments, and custody within the app. Young said the partnership reflects shared priorities around building financial infrastructure that stays invisible to end users, and pointed to Avalanche's prior work with Rain payment cards as part of the rationale. Iron, a stablecoin infrastructure firm acquired by MoonPay in 2025, provides back-end support for the product.
The beta rollout began with 400 early-access users and covers 48 countries, including Brazil, Mexico, South Africa, Kenya, the Philippines, Singapore, Japan, the UAE and Australia. The US and EU are excluded from the initial launch. Ethena said it plans to add those markets, along with Canada, Taiwan, and South Korea, during the beta, subject to local regulatory approvals in each jurisdiction. When asked about existing licenses, Young said the details would appear in public documentation later that week.
The app arrives after a difficult stretch in Europe for Ethena. Germany's Federal Financial Supervisory Authority (BaFin) ordered Ethena GmbH to shut down its USDe operations in June 2025 following the company's withdrawal of its application for authorization under the EU's crypto regulatory framework.
On the day of the app announcement, ENA climbed 9% while the broader crypto market traded flat. USDe's circulating supply has fallen from a peak of approximately $15 billion in September 2025 to around $4 billion at the time of launch.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
