Ethena has launched Ethena Pay, a global money app centered on its USDe synthetic dollar, expanding the crypto asset into everyday payments, savings, and cross-border transfers.
The self-custodial app allows users to hold USDe through a dollar-denominated balance, earn up to 6% in annualized rewards, and spend funds through a payment card. The app supports fiat onramps and enables deposits of both fiat and cryptocurrency, with funds converted into USDe.
The beta rollout covers 48 countries across Latin America, the Caribbean, Africa, Asia, and other regions. Initial access is limited to 400 users, with expansion scheduled on a weekly basis, according to an announcement. Avalanche will serve as the exclusive settlement layer for payments and transfers.
Users can transfer money to and from external bank accounts using IBAN details and convert between USDe and local currencies. MoonPay-owned Iron provides the app's backend infrastructure.
Ethena Pay is not initially available in the United States, European Union, Canada, Taiwan, or South Korea, though the company expects to expand into these markets during beta pending regulatory approval.
USDe Growth and ENA Performance
USDe, an Ethereum-based synthetic dollar, is designed to maintain its value near $1 without relying on traditional banking infrastructure. The asset uses crypto collateral and hedging strategies, including derivatives positions, to maintain its peg. USDe has reached a market capitalization of approximately $4.1 billion, making it the sixth-largest stablecoin.
Ethena also operates ENA, the protocol's governance token, with a market capitalization of roughly $1.5 billion. ENA has gained approximately 68% over the past month and recorded about $595 million in trading volume over a recent 24-hour period.
The Ethena Foundation has proposed directing 95% of net revenue from Ethena's core businesses toward ENA buybacks once USDe's circulating supply reaches $7.5 billion.
