Ethena Pay launches beta with rates up to 6%

Ethena has launched Ethena Pay in beta for 400 early users, bringing USDe payments, Avalanche settlement and annual reward rates of up to 6% to a self-custodial mobile app. Summary 400 users will receive initial access, with the rollout expanding weekly during September. 49 countries can access the app, while the U.S., EU, U.K., and Canada remain excluded. Standard users receive up to 5%, while Pro and VIP rates reach 6% within set balance caps. Eligible card purchases earn up to 5% cashback, which is credited in AVAX. Ethena Pay connects USDe balances with daily payments Ethena said in a launch announcement that Ethena Pay will begin with an early-access group of 400 users before adding more participants each week. The company plans to increase access throughout September as the app moves beyond its initial beta stage. Available on iOS, the app combines a self-custodial crypto wallet with bank transfers, fiat on-ramps and a Visa payment card. A user’s dollar balance is held in USDe, Ethena’s synthetic dollar, while Avalanche processes transfers, purchases, and settlement behind the app’s consumer-facing interface. Users can receive fiat through assigned International Bank Account ...