Ethena Launches Self-Custodial Money App with High-Yield Savings

Ethena has expanded its ecosystem by launching Ethena Pay, a self-custodial money app that offers various financial services to users. The app provides a dollar savings rate of 6% and card cashback at 5%, with free transfers across roughly 50 countries at launch.

The app comes with features such as dollar savings, card spending, international transfers, and free onramps in dollars, pounds, and euros. Users can generate a virtual Visa card in under a minute and spend it at over 130 million merchants, including Apple Pay and Google Pay integration coming soon.

Ethena Pay Ltd is incorporated in Malta but has clearly stated that it is not a bank, holds no customer funds, and provides fiat account numbers through licensed banking partners. Balances carry no coverage from the FDIC or similar schemes, and savings rates flow from the yield engine behind USDe, Ethena's synthetic dollar.