Ethena launches Ethena Pay mobile app on Avalanche

Ethena has launched Ethena Pay, a mobile financial application designed to integrate its USDe digital dollar into everyday consumer activities. Described as an ‘internet money neobank’, the app allows users to hold, send, and spend digital dollars, as well as earn savings and make purchases through Visa’s network of over 130 million merchants.

The platform offers a 6% dollar savings rate and 5% cashback on card purchases. It provides users with free onramps for dollars, pounds, and euros, supporting local currencies and fiat international bank account numbers (IBANs) connected to self-custodial stablecoin accounts. A featured function, ‘Buy Now Pay Never’, aims to use savings rewards to cover purchases while preserving the user’s principal balance.

Built exclusively on the Avalanche blockchain, Ethena Pay utilizes the network for transfers, payments, and settlement to leverage its speed and low transaction costs. Following the announcement, Ethena’s native cryptocurrency, ENA, saw a price increase of approximately 9%.