🔥Ethena partners with a neobank through Ethena Pay
🔴Ethena announced Ethena Pay on 01/09—an autonomous finance app built on Avalanche. It uses stablecoin USDE issued by the project itself, instead of relying on USDT or USDC. After the news, ENA price rose by about 8–10%, continuing an upward trend of more than 80% since mid-August.
🔴The structure of Ethena Pay:
- Balances are shown in USDE. You can top up via both fiat through IBAN and crypto (USDE, USDC, USDT)
- USD, EUR, and GBP transfers are free; other currencies charge 0.05–0.1%
- Spending card runs through the Visa network; cashback is paid in AVAX
- Split into 3 tiers: Standard (free), Pro (lock $2,000 ENA or refer 10 people), VIP (lock $10,000 ENA or refer 50 people)
🔴The yield is relatively high and divided into 3 tiers: Standard: 5% APY, Pro: 6% APY, VIP: 6% APY.
🔴The app is currently limited beta for 400 users. It will expand week by week throughout September and is available in 48 countries. The U.S., EU, U.K., Canada, and South Korea are all not yet on the list. Ethena has not specified which licenses it holds and where they are valid.
🔴The current supply of USDE is around $4.1B, compared with $15B at the end of 2025. The fee-switch activation point is $7.5B → which must be 2x the current level. Only when it reaches that threshold will 5% of gross revenue flow to the Foundation, and then 95% of that portion is used for buyback $ENA .
🔴Ethena Pay is a product aimed at reducing the market free-float $ENA and increasing USDE’s market share. This is an effort to create demand for the stablecoin after demand from the trader basis trade cohort weakened. There’s no set timeline for Ethena Pay’s launch, and I think this product’s positive impact may not be very significant.
🔴Ethena announced Ethena Pay on 01/09—an autonomous finance app built on Avalanche. It uses stablecoin USDE issued by the project itself, instead of relying on USDT or USDC. After the news, ENA price rose by about 8–10%, continuing an upward trend of more than 80% since mid-August.
🔴The structure of Ethena Pay:
- Balances are shown in USDE. You can top up via both fiat through IBAN and crypto (USDE, USDC, USDT)
- USD, EUR, and GBP transfers are free; other currencies charge 0.05–0.1%
- Spending card runs through the Visa network; cashback is paid in AVAX
- Split into 3 tiers: Standard (free), Pro (lock $2,000 ENA or refer 10 people), VIP (lock $10,000 ENA or refer 50 people)
🔴The yield is relatively high and divided into 3 tiers: Standard: 5% APY, Pro: 6% APY, VIP: 6% APY.
🔴The app is currently limited beta for 400 users. It will expand week by week throughout September and is available in 48 countries. The U.S., EU, U.K., Canada, and South Korea are all not yet on the list. Ethena has not specified which licenses it holds and where they are valid.
🔴The current supply of USDE is around $4.1B, compared with $15B at the end of 2025. The fee-switch activation point is $7.5B → which must be 2x the current level. Only when it reaches that threshold will 5% of gross revenue flow to the Foundation, and then 95% of that portion is used for buyback $ENA .
🔴Ethena Pay is a product aimed at reducing the market free-float $ENA and increasing USDE’s market share. This is an effort to create demand for the stablecoin after demand from the trader basis trade cohort weakened. There’s no set timeline for Ethena Pay’s launch, and I think this product’s positive impact may not be very significant.