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Ethena Expands USDe Into Global Payments with New App
The app combines dollar savings, card spending and international transfers in one product as Ethena expands beyond its synthetic dollar token.
- 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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Ethena Pay Reveals How Avalanche Supports The Future Of Digital-Dollar Banking
TL;DR Ethena Pay runs exclusively on Avalanche, combining USDe balances, transfers, payments and settlement behind a mobile interface designed to resemble conventional digital banking. Ethena has processed more than $30 billion through mint and redeem systems, while USDe is integrated across over 100 platforms and protocols. The app is live on iOS in more than ...
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