Avalanche-Powered Neobank Ethena Pay Launches with Savings Rewards

Ethena Pay, a mobile application built exclusively on Avalanche, has launched and immediately gained traction. The self-custodial platform allows users to hold balances in USDe, Ethena's synthetic dollar, while accessing savings rewards and payment services through a single application.

The platform offers a dollar savings rate of up to 6%, with rewards paid daily, alongside cashback of up to 5% on eligible card spending. Ethena shared that cashback rewards are paid in AVAX, the native cryptocurrency of Avalanche.

Ethena Pay's launch has also sparked a rally for Ethena (ENA) tokens, which have gained 7% since Tuesday's announcement. The token is currently trading at $0.161, up 6.7% in the past 24 hours and extending its gains to 83.7% in the past 30 days.