Ethena Pay debuts: High-yield neobank app goes global

Ethena Labs launched Ethena Pay, a self-custodial neobank app on Avalanche, offering up to 6% yield, 10% cashback, global transfers, and multi-currency accounts in 48 countries.

Ethena Labs has introduced Ethena Pay, a self-custodial neobank app built on Avalanche and centered around its synthetic dollar, USDe. The app is now available in beta for both iOS and Android, initially launching in 48 countries, including Brazil, Mexico, South Africa, the Philippines, Singapore, the UAE, and Australia. Expansion to the US, EU, Canada, and South Korea is planned. Ethena Pay offers up to 6% annualized yield on balances and up to 10% cashback at select merchants, with rewards paid in AVAX. Users can hold USDe, receive fiat via IBAN or crypto directly, and send funds globally with instant, borderless transfers. Free transfers are available in USD, EUR, and GBP, while other currencies incur small fees. The app features three membership tiers, unlocking higher yields and benefits through holding or referring users. Ethena Pay stands out as the first neobank app vertically integrated with a stablecoin issuer, providing a comprehensive suite of digital banking features while keeping user funds self-custodial.