Ethena Launches Avalanche-Based Mobile Payment Application Ethena Pay

Foresight News reports, according to The Block, Ethena has launched a mobile payment application called Ethena Pay, which is based on Avalanche as its underlying infrastructure. The app facilitates USDe transfers, payments, and settlements in the background. The application allows users to hold USDe as a dollar balance. Users can also receive fiat currency directly through International Bank Account Number (IBAN) information or cryptocurrency, with funds arriving in the form of USDe in both cases. Ethena stated that users can also send funds to external bank accounts, with withdrawals settled in the recipient's local currency. Ethena Pay offers three membership tiers. Standard membership is free, while Pro membership can be unlocked by staking $2,000 worth of Ethena ENA tokens or referring 10 users. VIP membership requires staking $10,000 worth of ENA tokens or referring 50 users. Standard users can enjoy an annual interest rate of up to 5%, with a maximum account balance of $5,000. Pro and VIP users can enjoy annual interest rates of 6%, with account balance limits of $15,000 and $50,000, respectively. The Ethena Pay Card provides 4% cashback for standard users, 4.5% cashback for Pro users, and 5% cashback for VIP users, with cashback issued in Avalanche's AVAX tokens. Ethena stated that Pro and VIP users can also receive up to 5% and 10% cashback, respectively, when spending at designated brands such as Uber, Spotify, and Claude.