Ethena launches the Neobank application on Avalanche

Ethena brings USDe directly to consumers with Ethena Pay, a self-service money app offering savings rewards, international transfers and card spending.

What’s the scoop?

• Ethena Pay goes live: Ethena launched Ethéna Payera self-custodial neobank built on Avalanche. The app allows users to hold USDe, earn rewards, spend via Visa, and send fiat or crypto currencies worldwide. Beta launches with 400 users across 49 countrieswith the US, EU, UK and Canada coming later.
• Tiered Rewards: Standard users win 5% up to $5,000 with 4% cashback, while the Pro and VIP offer 6% yield with higher balance limits and up to 5% cash back. Cashback is paid in AVAX.
• New ENA utility: Users can unlock Pro by locking $2,000 ENA or sponsor 10 users, while VIP requires $10,000 from ENA or 50 referrals, linking ENA directly to the Ethena Pay rewards system.
• Ethena’s busy week: The launch follows several ENA-focused changes, including restructuring the investor lock-up, a proposed ENA buyback mechanism, and plans to expand USDe basis trading into stocks. Ethena Pay now adds a consumer distribution layer for USDe while creating another use for ENA.