Ethena Pay Brings Crypto into Everyday Financial Activity

Ethena Labs is expanding into the payments business with Ethena Pay, a self-custodial money app built on Avalanche. The beta launch offers payment services and rewards on user balances, allowing users to hold Ethena's USDe as a dollar balance.

Users can also receive fiat through International Bank Account Number (IBAN) details or crypto directly into their wallet, with funds arriving as USDe in both cases. They can send funds to external bank accounts, where withdrawals settle in the recipient's local currency.

Ethena founder Guy Young said the app was designed to bring crypto into everyday financial activity. The company has chosen Avalanche due to its focus on building invisible infrastructure for financial products.