Ethena Pay Launches on Avalanche With USDe Yield and Crypto Cashback
Ethena Pay launched its beta on September 1 as a self-custodial payments and money app built exclusively on Avalanche, putting Ethenaโs USDe stablecoin at the centre of a consumer spending product. The app pairs a dollar-denominated USDe balance with daily rewards and AVAX-denominated cashback, although the highest advertised benefits are limited by account tier and qualifying spending.
The rollout is an effort to give USDe a payments use case beyond holding or trading. Ethena Pay says the app supports transfers, bank withdrawals and virtual Visa card payments, while users retain custody of their assets.
USDe becomes the balance behind Ethena Payโs Avalanche beta
USDe serves as Ethena Payโs dollar balance, with the company saying in its FAQ that users can make transfers, withdraw funds to a bank and pay through a virtual Visa card while retaining custody of their assets.
The beta combines that balance with card payments and a rewards programme. According to Ethena Pay, it is self-custodial and built exclusively on Avalanche, so those payment and rewards functions initially run on one network rather than several. The company does not provide further technical detail on how bank withdrawals operate.
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