Ethena Launches Self-Custodial Money App with 6% Savings Rate

Ethena has launched its self-custodial money app, Ethena Pay, which it calls 'the internet money neobank'. The app offers a range of features, including a 6% dollar savings rate and 5% card cashback. Users can also make free international transfers across around 50 countries at launch.

The app uses Avalanche as its exclusive settlement network and includes a feature called Buy Now Pay Never, which allows users to put their savings rewards towards purchases without touching the principal amount.

Ethena's card cashback is flat at 5%, with different tiers offering varying monthly caps. The Standard plan offers 4% on spending with a $100 monthly cap, while the Pro and VIP plans lift the monthly caps to $360 and $1,000 respectively.