Ethena Pay launches mobile beta with up to 6% rewards

The app functions as a hybrid neobank, allowing users to hold synthetic dollars in USDe while facilitating global transfers and fiat on-ramps. While the interface simplifies the experience for the consumer, the underlying infrastructure relies on the Avalanche blockchain for all settlement activity, including card purchases and peer-to-peer transfers. The rollout is scheduled to expand weekly throughout September, though the service remains unavailable to residents of the U.S., the U.K., the European Union, and Canada.

Ethena Pay structures its rewards through a tiered membership system. Standard users can earn up to 5% on balances up to $5,000, while Pro and VIP members reach a 6% ceiling on balances of $15,000 and $50,000 respectively. These rewards are distributed as a discretionary "Daily Boost" paid in USDe, contingent upon the user completing at least one monthly card transaction. Furthermore, the platform offers cashback on qualifying purchases, which is paid out in AVAX rather than stablecoins, introducing market volatility to the rewards process.

Because the app utilizes a self-custodial model, Ethena Pay explicitly disclaims any banking or investment advisory status. Users retain full control over their private keys and recovery phrases, meaning the company cannot assist in account restoration if credentials are lost. Financial services within the app are provided by third-party partners, including a Visa card program managed by Signify Holdings and issued by the Puerto Rico-chartered Third National bank.