Ethena launches Ethena Pay based on Avalanche, offering up to 6% yield and 10% cashback

Ethena Labs announced the launch of the beta version of its self-custody payment application Ethena Pay on Avalanche, covering 48 countries. The application integrates Ethena's synthetic dollar USDe, allowing users to earn rewards on their account balances, including up to 6% annual yield and up to 10% cash back when using specified merchants. The founder of Ethena stated that this is the first quasi-bank application that integrates the issuer's own products with banking applications. Users can hold USDe, receive fiat through international bank accounts or directly deposit in cryptocurrency, and can also send funds to others and settle in the recipient's local currency. The application supports "instant" global transfers, with free transfers in USD, EUR, etc., while other bank transfers incur certain fees. The application offers three membership tiers: standard users can enjoy a 5% annual yield, and by depositing 2,000 USDe or inviting 10 users, they can upgrade to VIP status, enjoying a 6% yield; depositing 10,000 USDe or inviting 50 people allows for further upgrades. Cash back is paid in AVAX. The beta version of Ethena Pay is now live on iOS and Android, initially covering countries such as Brazil, Mexico, South Africa, the Philippines, Singapore, the UAE, and Australia, with the US, EU, Canada, and South Korea to follow. Currently, the circulating supply of USDe is approximately 4 billion dollars.