Ethena Pay Brings Self-Custodial Money App to iOS via Avalanche Settlement Rails

Ethena Pay, a new self-custodial money app, has launched in beta on iOS using Avalanche's settlement rails. The app allows users to hold and spend Ethena's USDe stablecoin directly from their mobile device.

The initial user base is limited to 400 participants, with weekly expansion planned through September. By the end of this period, Ethena Pay will be available across 49 countries in Latin America, Asia, Africa, and Oceania, but not yet in the US or EU markets due to regulatory considerations.

USDe balances earn a tiered rate up to 6% annually, with caps on boosted amounts. Users can also earn cashback rewards of up to 5%, paid in AVAX through a Third National Visa card issued by Rain and available only to non-U.S. persons.