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Ethena beta Ethena Pay app launched on Avalanche with rewards
The app offers up to 6% APY on balance tiers and lets users receive fiat or crypto, settling withdrawals in local currency via USDe.
Ethena Labs has launched a beta of Ethena Pay, a new self-custodial payments app built on Avalanche, available across 48 countries, The Block reports. The app integrates Ethena’s USDe and provides payment services plus rewards on user balances.
According to The Block, Ethena Pay is designed as a neobanking app vertically integrated with a stablecoin issuer, rather than using USDC or USDT. Users can hold USDe as a dollar balance, receive fiat using IBAN details or receive crypto directly into their wallet, with funds arriving as USDe in both cases.
The Block says withdrawals from Ethena Pay to external bank accounts settle in the recipient’s local currency. It also reports that the app enables “instant” global transfers through a username or tag, and that USD, EUR, and GBP bank transfers are free, while other bank transfers carry fees of between 0.05% and 0.1%.
Ethena Pay offers three membership tiers, the outlet adds. Standard is free and offers 5% APY on balances up to $5,000, Pro and VIP can earn 6% APY on balances up to $15,000 and $50,000 respectively after locking ENA tokens or referring users, with rewards funded by USDe’s rate, while the funding source for the rest of the rewards is not disclosed. The Defiant adds that the iOS beta begins with 400 users and that official terms cap boosted balances and set cashback at up to 5%, not 10%.