Ethena Pay: Avalanche-Powered Mobile Finance App Launched

Ethena has launched Ethena Pay, a self-custodial mobile finance app that combines dollar savings, card spending, international transfers, and fiat onramps into one product built entirely on Avalanche.

The app holds user balances in USDe, Ethena's synthetic dollar, allowing users to move between fiat and digital dollars, send money domestically and abroad, and spend through Visa's network of over 130 million merchants.

Deposits made by bank transfer or in crypto are converted into USDe, while withdrawals to external bank accounts settle in the recipient's local currency.

Avalanche developer Ava Labs sees this arrangement as a template for other neobanks and fintechs to pair their own product with Avalanche as the settlement layer underneath.