Ethena is taking its USDe synthetic dollar beyond the crypto market with the launch of Ethena Pay, a self-custodial financial app designed for everyday payments, savings and international money transfers.
The new service combines crypto and traditional financial features, allowing users to hold USDe, deposit fiat or crypto, transfer money through bank accounts and spend through a payment card.
Ethena Pay is initially rolling out in 48 countries across regions including Latin America, Africa, Asia and the Caribbean.
The beta begins with only 400 users, with access expected to expand each week. Countries including Brazil, South Africa, Mexico, Kenya, Singapore, the Philippines, Japan, Australia and the UAE are among the initial markets.
Avalanche will serve as the exclusive settlement network for the app, while Iron, the stablecoin infrastructure company acquired by MoonPay in 2025, provides its backend technology.
Attractive Rewards Drive the New Financial Experience
A major part of Ethena Pay’s appeal is its rewards program. Users can earn returns on their USDe balances while also receiving cashback when using the app’s payment card.
Standard users receive 5% APY on balances of up to $5,000. Pro users can receive 6% APY on balances up to $15,000, while VIP users can earn the same 6% rate on balances of up to $50,000. Higher tiers require users to either lock ENA tokens or meet referral targets.
The card adds another layer of rewards, offering cashback in Avalanche’s AVAX token. Standard users receive 4%, Pro users 4.5%, and VIP users 5%. At selected brands such as Spotify, Uber and Claude, cashback can reach 10% for VIP users.
According to founder Guy Young, the returns generated by USDe are used to fund the savings yield, although Ethena has not disclosed the funding source for the app’s other rewards.
USDe Growth Meets Regulatory Challenges
The launch comes as Ethena continues to expand the role of USDe within the digital economy. USDe has reached a market capitalization of around $4.1 billion, making it one of the largest stablecoin-related assets in the market.
Meanwhile, ENA has gained strongly over the past month, rising about 68%.
Ethena has also proposed directing 95% of the net revenue it receives from its core businesses toward ENA buybacks once USDe’s circulating supply reaches $7.5 billion.
Despite the growth, regulatory concerns remain a major challenge. Ethena Pay is not initially available in the US, EU, Canada, Taiwan or South Korea, although the company expects to expand into these markets subject to regulatory approval.
Ethena has previously faced regulatory pressure in Europe. Germany’s BaFin ordered Ethena GmbH to wind up its USDe business in June 2025 after the company withdrew its application for authorization under the EU’s crypto rules.
With Ethena Pay, the company is attempting to turn USDe from a crypto-focused synthetic dollar into a broader financial tool. Its success will depend on whether Ethena can attract users while maintaining the appeal of its rewards and navigating increasingly complex financial regulations.
