Ethena Launches Ethena Pay Beta On Avalanche With USDe Payments In 48 Countries: how 10 outlets framed it

Ethena Pay beta on Avalanche

The app runs on Avalanche as its exclusive settlement layer, with Ethena saying it is designed so users do not need to select a blockchain or understand settlement mechanics.

Ethena Pay’s early access is limited to 400 users, with access expanding weekly during September, and the beta is available across 48 countries while the U.S., EU, Canada, Taiwan, and South Korea are excluded.

Ethena Pay lets users deposit fiat or cryptocurrencies, converts received funds into USDe, and uses IBAN details to transfer money to and from external bank accounts in local currencies.

Avalanche processes USDe transfers and settlement behind the app’s consumer interface, while the product is also described as offering a Visa payment card for purchases through Visa’s merchant network.

Rewards, tiers, and card cashback

Ethena Pay offers tier-based rewards tied to USDe balances, with Standard users able to earn up to 5% annually on balances capped at $5,000, while Pro and VIP users can earn up to 6% annually on caps of $15,000 and $50,000.

The beta also includes card rewards, with eligible card purchases earning up to 5% cashback credited in AVAX, and the app’s tier structure described as using a “Daily Boost” to bring eligible balances up to the advertised total.