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Ethena launches Ethena Pay neobank app with 6% savings and 5% cashback
The app is built on Avalanche as the settlement layer and adds dollar, pound, and euro onramps plus international transfers in one interface.
Ethena is expanding into consumer finance with the launch of Ethena Pay, a neobank-style app that packages stablecoin-linked accounts into savings and payments. According to CoinDesk, the app combines a 6% dollar savings rate with 5% cashback on card spending, alongside fiat onramps and self-custodial stablecoin accounts.
CoinDesk reports Ethena Pay went live on Apple's App Store on Tuesday and uses Avalanche as its exclusive settlement network. The app supports free dollar, pound, and euro onramps, local currencies, and fiat international bank account numbers (IBANs) connected to self-custodial stablecoin accounts.
The rollout extends Ethena's push beyond its yield-focused dollar business. CoinDesk notes the protocol previously launched a savings product with Coinbase earlier this year, and Ethena Pay aims to connect savings rewards directly to spending and transfers within a single app rather than moving funds between a wallet, exchange, and bank account.
Ethena (ENA) also moved higher after the announcement, rising 9%, CoinDesk reports. The product adds a feature Ethena calls “Buy Now Pay Never,” intended to use savings rewards to cover purchases without tapping a user's principal.