Ethena Pay’s Avalanche launch offers 6% USDe yield to first 400 users

Crypto’s synthetic-dollar issuer just quietly stepped into the crowded neobanking business. Ethena has opened the beta of Ethena Pay, a self-custodial iOS money app that runs entirely on Avalanche’s settlement rails and puts its USDe stablecoin directly into everyday spending. The Ethena Pay Avalanche launch starts small — just 400 early users — but it signals a bigger ambition: turning a trading-and-yield asset into something people actually swipe a card for.

Key takeaways

• Ethena Pay’s beta launched on iOS with 400 initial users, with weekly expansion planned through September and coverage across 49 countries at launch.
• The app runs exclusively on Avalanche for settlement, while USDe serves as the digital-dollar balance behind every transfer and payment.
• Rates on USDe balances reach up to 6% annually, but caps limit boosted amounts to $5,000 for Standard users, $15,000 for Pro, and $50,000 for VIP.
• Cashback tops out at 5% depending on tier and spending, paid in AVAX after qualifying card purchases.
• A Visa card issued by Puerto Rico-chartered Third National and managed by Rain is available only to non-U.S. persons, and wallet keys stay on the user’s device with no recovery option from the company.

Ethena Pay’s beta rollout starts small and scales weekly

Access to Ethena Pay is deliberately limited for now. Ethena said the initial early-access list holds just 400 users, with new participants added on a weekly basis as the app moves out of beta through September.

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