Ethena Launches Global Payments App for Synthetic Dollar USDe
Ethena has launched its self-custodial Ethena Pay app globally, allowing users to hold and earn interest on USDe, a synthetic dollar that maintains its value near $1. The app supports fiat onramps and allows users to spend funds through a payment card.
The beta rollout includes 48 countries across Latin America, the Caribbean, Africa, Asia, and other regions. However, the initial rollout is limited to 400 users, with access set to expand weekly. Avalanche will serve as the exclusive settlement layer for payments and transfers.
Users can deposit fiat or crypto into the app, which converts funds into USDe. Ethena Pay also enables using IBAN details to move money to and from external bank accounts into local currencies, courtesy of MoonPay-owned Iron's backend infrastructure.