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Ethena launches USDe payments app with up to 6% annualized rewards

The beta rollout spans 48 countries but starts with 400 users, with weekly expansion planned.

Reported · Written up by our desk · Altcoins

Ethena has launched Ethena Pay, a global money app built around USDe, a synthetic dollar token, to bring the asset into everyday spending, savings, and cross-border transfers, Cointelegraph reports. The self-custodial app lets users hold USDe via a dollar-denominated balance, earn up to 6% in annualized rewards, and spend using a payment card, while offering fiat onramps.

According to the announcement, the beta program will reach users in 48 countries across Latin America, the Caribbean, Africa, and Asia and other regions, but the initial access is limited to 400 users. Ethena said users will be able to deposit fiat or crypto, convert funds into USDe, and use IBAN details to move money to and from external bank accounts in local currencies.

Avalanche will serve as the exclusive settlement layer for payments and transfers, and MoonPay-owned Iron will provide backend infrastructure, Cointelegraph added. Ethena Pay is not initially available in the US, EU, Canada, Taiwan, or South Korea, though the company expects to expand to those markets during the beta if regulators approve.

USDe is described as an Ethereum-based protocol behind a synthetic dollar designed to keep its value near $1 without relying on traditional banking infrastructure, using crypto collateral and hedging strategies including derivatives. The article says USDe’s market capitalization is about $4.1 billion, and Ethena also operates ENA, its governance token, which has a market capitalization of roughly $1.5 billion, Cointelegraph reports.

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