Ethena Unveils Global Money App Using USDe Synthetic Dollar

Ethena has launched its Ethena Pay app, which allows users to hold and use its USDe synthetic dollar for everyday payments, savings, and cross-border transfers.

The app is now available in 48 countries across Latin America, the Caribbean, Africa, Asia, and other regions, but it's limited to 400 users initially. The beta rollout will expand weekly, with Avalanche serving as the exclusive settlement layer for payments and transfers.

Users can deposit fiat or crypto into the app, which converts funds into USDe. They can then use IBAN details to move money to and from external bank accounts into local currencies.

Ethena Pay is not initially available in the US, EU, Canada, Taiwan, or South Korea due to regulatory requirements, but Ethena plans to expand into those markets during the beta period. The app earns users up to 6% in annualized rewards for holding USDe and supports fiat onramps.