Avalanche
Ethena Pay Launches on Avalanche With USDe Balances and AVAX Cashback
Ethena Pay has introduced a self-custodial consumer payments app on Avalanche, integrating USDe yield rewards and tiered AVAX cashback for card spending.
Ethena Pay has rolled out its beta application as a self-custodial payment and money platform built exclusively on Avalanche. The product aims to expand the utility of Ethena's USDe stablecoin beyond holding and trading by integrating it into a daily consumer spending interface.
The app uses USDe as the primary dollar-denominated balance, allowing users to make transfers, withdraw funds to bank accounts, and spend via a virtual Visa card while maintaining custody of their assets. Ethena Pay did not release technical details explaining how the bank withdrawal mechanisms function.
The platform offers advertised USDe yields of up to 6% annually, distributed daily. However, the return is subject to tier caps: Standard accounts earn rewards on balances up to $5,000, Pro accounts up to $15,000, and VIP accounts up to $50,000, with no indication that funds exceeding those thresholds earn the same rate. In addition to USDe rewards, card spending earns cashback paid in AVAX, ranging from 4% for Standard users to 5% for VIP users, subject to monthly spending bands and exclusions.
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