Ethena Launches Global Money App Using USDe Synthetic Dollar

Ethena has launched Ethena Pay, a global money app built around its USDe synthetic dollar. The self-custodial app allows users to hold USDe through a dollar-denominated balance and earn up to 6% in annualized rewards.

The beta rollout includes 48 countries across various regions, though the initial rollout is limited to 400 users. Access will expand weekly as more users are added.

Avalanche serves as the exclusive settlement layer for payments and transfers. Users can deposit fiat or crypto, with funds converted into USDe. The app enables using IBAN details to move money to and from external bank accounts into local currencies.