Ethena Pay, a self-custodial neobank developed by Ethena Labs, plans to enter the US, UK, and European markets within three to four weeks. The service, which operates on the Avalanche blockchain, allows users to hold balances in the USDe synthetic dollar.
The platform offers peer-to-peer transfers, fiat onramps, and a Visa card issued by Third National Bank in Puerto Rico. Backend operations utilize technology from Iron, a company acquired by MoonPay in 2025. Ethena Pay Ltd is incorporated in Malta under registration number C 114576.
Standard users receive up to 5% annualized rewards on balances up to $5,000, while Pro and VIP tiers earn 6%. Card spending provides cashback in AVAX ranging from 4% to 5%, with up to 10% available at specific merchants for higher-tier users.
The beta version launched on September 1 in 48 to 49 countries, excluding major Western markets. At the time of the beta release, the circulating supply of USDe was approximately $4 billion, down from a peak of roughly $15 billion in September 2025.
CEO Guy Young announced plans to introduce Android support and multi-currency accounts. The initial rollout involved about 400 early-access users, with a strategy to expand access weekly.
