TLDR
- Ethena has launched Ethena Pay, a self-custodial money app built on Avalanche, now in beta across 48 countries.
- The app offers up to 6% APY on USDe balances and up to 10% cashback at select brands including Uber and Spotify.
- ENA, Ethena’s governance token, has gained around 68% over the past month and is trading near $0.16.
- The Ethena Foundation proposed using 95% of net revenue for ENA buybacks once USDe supply hits $7.5 billion.
- ENA rose over 10% after the buyback proposal and recorded roughly $595 million in 24-hour trading volume.
Ethena Labs has launched the beta of Ethena Pay, a new money app built on Avalanche. The app is now live across 48 countries including Brazil, Mexico, Kenya, Singapore and Australia.
Introducing @EthenaPay: the internet money neobank.
→Card spend cashback at 5.0%
→Best-in-class 6.0% dollar savings rate
→Borderless, free, instant global money transfers
→Free global onramps in USD, GBP, EUR and local FX
→Multi-currency high-rewards savings accounts in… https://t.co/d76b1Gul4V pic.twitter.com/1gpw7zS2cZ— Ethena (@ethena) September 1, 2026
The app is self-custodial and lets users hold USDe, Ethena’s synthetic dollar, as a dollar-denominated balance. Users can receive fiat or crypto, both of which convert into USDe on arrival.
Ethena Pay supports IBAN bank transfers, letting users move money to and from external bank accounts in local currencies. USD, EUR and GBP transfers are free, with other currencies carrying fees between 0.05% and 0.1%.
The app runs on three membership tiers. Standard users earn 5% APY on balances up to $5,000. Pro users, who lock $2,000 in ENA or refer 10 users, earn 6% on up to $15,000. VIP users, who lock $10,000 in ENA or refer 50 users, earn 6% on up to $50,000.
Cashback and Card Rewards
Ethena Pay also includes a payment card with cashback paid in AVAX. Standard users get 4%, Pro users get 4.5% and VIP users get 5% general cashback. Pro and VIP users can also earn up to 10% at selected brands including Uber, Spotify and Claude.
MoonPay-owned Iron provides the backend infrastructure for the app. Avalanche is the exclusive settlement layer for all payments and transfers.
The US, EU, Canada, Taiwan and South Korea are not included in the initial rollout. Ethena expects to add those markets during beta, pending regulatory approvals.
ENA Token Price and Buyback Proposal
ENA has climbed around 68% over the past month, though it remains below its previous highs. The token was trading at approximately $0.16 on Tuesday, according to CoinGecko.
On Friday, the Ethena Foundation proposed directing 95% of its net revenue toward ENA buybacks. This would trigger once USDe’s circulating supply reaches $7.5 billion.
ENA rose more than 10% following that announcement and gained 27% over the week. The token recorded roughly $595 million in 24-hour trading volume, up 16% from the prior day.
$ENA LAST CHANCE TO CATCH THE TRAIN🚀
For everyone who missed $ENA before the pump, you may get another opportunity to jump in before the next strong impulse to the upside.
We have formed a classic Double Bottom pattern, and price has already broken above the key level.
I’m… pic.twitter.com/dUQChFuXRg
— LAR (@LAR7Crypto) September 1, 2026
Crypto analyst LAR (@LAR7Crypto) flagged a Double Bottom pattern forming on ENA’s chart, noting that price had already broken above a key level. LAR set a mid-term target of $0.30 and a longer-term target of $1.50, with a potential retest of $0.13 acting as the entry signal.
USDe’s current circulating supply stands at around $4 billion, down from a peak of roughly $15 billion in September 2025. USDe ranks as the sixth-largest stablecoin by market cap at approximately $4.1 billion.
