Ethena Unveils Ethena Pay Beta on Avalanche with USDe Payments Expansion

Ethena has launched a beta version of its Ethena Pay service on Avalanche (AVAX), expanding USDe payments for users in 49 countries.

The beta, which is currently limited to 400 early access users, allows users to hold, send, and pay with USDe without directly choosing a blockchain network. The service uses Avalanche as a single settlement layer and provides software, not a bank or custody service.

Ethena Pay combines transfers to a self-custody wallet, fiat on-ramps, and a Visa card issued by Third National and operated by Rain. Users can earn up to 6 percent interest per year, with the standard tier offering 5 percent for amounts up to $5,000.

The service also offers cashback rewards, ranging from 4 to 5 percent on monthly spending, depending on the user's tier. Ethena plans to widen the beta each week through an expansion in September and eventually support countries such as the United States, the European Union (EU), Britain, and Canada.