Ethena Launches Pay App on Avalanche With Tiered Rate Up to 6%

Ethena has launched its new pay app, Ethena Pay, on the Avalanche blockchain. The iOS beta version is currently available to a limited number of users, with plans to expand access weekly throughout September.

The app combines a self-custodial wallet with fiat onramps, Visa card integration, and transfers, allowing users to hold, send, and spend USDe without selecting a specific blockchain network. Ava Labs handles digital-dollar balances in the app through USDe, while Avalanche handles transfers, payments, and settlement.

Ethena Pay's pricing terms reveal that the advertised rate of up to 6% per year is not an additional fee on top of the base rate but rather a total made up of the prevailing underlying USDe rate plus a daily boost contributed by Ethena Pay. The boost is paid in USDe and is described as a discretionary promotion, not interest, deposit, or insured return.