Key facts
- Ethena launched a self-custodial payments app called Ethena Pay, centered on its USDe synthetic dollar.
- The app allows users to earn up to 6% in annualized rewards on their USDe holdings.
- It supports everyday payments, savings, and cross-border transfers, with fiat onramps and payment card functionality.
- The beta version is available in 48 countries across Latin America, the Caribbean, Africa, and Asia, with limited initial user access.
- USDe, a synthetic dollar backed by crypto collateral and hedging strategies, has a market capitalization of around $4.1 billion.
- Ethena's governance token, ENA, has seen significant rallies, with a proposal to use 95% of net revenue for buybacks.
Ethena has launched a new global money app, Ethena Pay, built around its USDe synthetic dollar. The self-custodial application aims to integrate USDe into everyday financial activities such as payments, savings, and cross-border transfers, offering users annualized rewards of up to 6%.
The beta version of Ethena Pay is currently available in 48 countries across Latin America, the Caribbean, Africa, and Asia, though initial access is restricted to 400 users, with expansion planned weekly. The app allows users to deposit fiat or crypto, which are then converted into USDe. It also provides IBAN details for seamless movement of funds between bank accounts and local currencies. Avalanche serves as the exclusive settlement layer for all transactions within the app.
Ethena Pay is not yet available in the United States, European Union, Canada, Taiwan, or South Korea, but the company anticipates expanding into these markets during the beta phase, pending regulatory approvals. USDe, Ethena's synthetic dollar, maintains its peg through crypto collateral and hedging strategies, including derivatives, and has grown to a market capitalization of approximately $4.1 billion, positioning it as the sixth-largest stablecoin.
Alongside USDe, Ethena operates ENA, its governance token. The ENA token has experienced significant price appreciation recently, rallying about 68% in the past month. A recent proposal suggests directing 95% of the protocol's net revenue towards ENA buybacks once USDe's circulating supply reaches $7.5 billion, a move that has further boosted the token's performance.