Ethena Launches Payments App with 6% Rewards and USDe Synthetic Dollar

Ethena has launched its self-custodial payments app, Ethena Pay, which integrates its USDe synthetic dollar for everyday transactions. The app allows users to earn up to 6% in annualized rewards and spend funds through a payment card. Users can deposit fiat or crypto into the app, with funds converted into USDe (USDe).

The beta rollout is available in 48 countries across various regions, but initially limited to 400 users, expanding weekly. Avalanche will serve as the exclusive settlement layer for payments and transfers.

Ethena Pay also enables IBAN details to move money to and from external bank accounts into local currencies, with MoonPay-owned Iron providing backend infrastructure. The app is not available in certain markets due to regulatory restrictions, but Ethena expects to expand during the beta period subject to approval.