Ethena Pay Brings Synthetic Dollar Stablecoin to Everyday Transactions

Ethena Pay, the payments app launched by Ethena on September 1, aims to make USDe usable for everyday transactions. The beta version of the app is currently available in seven markets, including Brazil and Singapore.

The self-custodial app rewards users with up to 6% APR based on their USDe holdings, as well as up to 5% cashback in AVAX on card transactions. The initial rollout is limited to 400 users, but the U.S., EU, and South Korea are expected to be added as regulatory frameworks evolve.

The app's revenue will also contribute to Ethena's programmatic ENA buybacks, which were directed by a governance vote in August. This has already driven ENA up 8.56% on the day, with market capitalization reaching approximately $1.59 billion.