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Ethena Expands USDe Into Global Payments with New App
- On Tuesday, Ethena released Ethena Pay on Apple's App Store, a consumer finance application that packages stablecoins into a service resembling a traditional bank account by connecting savings products directly to payments.
- This launch represents a significant expansion for Ethena, moving beyond the crypto basis trade that originally powered yields on its $4 billion synthetic dollar token, USDe.
- The firm pitches the product as an "internet money neobank," offering a 6% dollar savings rate and 5% cashback on card purchases, while supporting IBANs linked to self-custodial stablecoin accounts.
- ENA, Ethena's native token, rallied 9% following the announcement, outperforming flat crypto markets and indicating investor interest in the firm's transition to consumer-facing financial tools.
- Earlier this year, Ethena introduced a savings product via Coinbase, reaching more than 100 million users, while last week the project overhauled ENA token economics and outlined equity perpetual plans for USDe returns.
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