Ethena Unveils Ethena Pay with 6% Rewards Program for Synthetic Dollar USDe

Ethena has launched Ethena Pay, a self-custodial money app designed for everyday use. The app allows users to hold USDe, a synthetic dollar pegged to the value of $1, and earn up to 6% annualized rewards.

The beta rollout begins with limited access to 400 users before expanding weekly across 48 countries. Ethena Pay supports movement between external banking systems, allowing users to deposit fiat or crypto and convert funds into USDe for a dollar-denominated balance.

Avalanche is the exclusive settlement layer for payment and transfer flows within Ethena Pay. The app is not initially available in the US, EU, Canada, Taiwan, or South Korea, but Ethena plans to expand to these markets subject to regulatory approval.