Ethena Pay Expands into Major Markets

Ethena Pay is preparing to expand into major markets in the US, UK, and Europe within three to four weeks of its September 1 beta launch. The app, built by Ethena Labs as a self-custodial mobile neobank powered by the USDe synthetic dollar, will allow users to hold balances in USDe instead of conventional fiat currency.

The feature set includes peer-to-peer transfers via usernames, fiat onramps to convert regular money into USDe, and a Visa spending card issued through Third National Bank in Puerto Rico. The backend operations are supported by Iron, a firm acquired by MoonPay in 2025.

Ethena Pay Ltd is incorporated in Malta, carrying company number C 114576, but it does not provide custody services; all private keys remain with the user.