Ethena Pay Launches with Up to 6% Interest on Avalanche
Ethena Labs has launched the test version of its self-hosted payment app Ethena Pay on the Avalanche blockchain, covering 48 countries. The application integrates Ethena's synthetic dollar USDe, which allows users to earn rewards including up to 6% annual interest and a maximum 10% cashback when using designated merchants.
Ethena founder notes that this is the first app of its kind to integrate stablecoin issuers' own products with banking applications. Users can hold USDe and receive their local currency through international bank accounts or directly deposit it in crypto, as well as send funds to others and settle in their respective currencies.
The application supports 'instant' global transfers, with free transfers in USD, EUR, and other major currencies, but charges a fee for bank transfers. There are three membership tiers: standard users get 5% annual interest, VIP members receive 6% after storing $2,000 USDe or inviting ten users, while top-tier members earn 6% after storing $10,000 or inviting fifty users.