Ethena launches Pay app, Avalanche settlement, tiered interest rates up to 6%

Ethena has launched the beta version of the Ethena Pay app, a self-custodied iOS payment application that uses Avalanche as the sole settlement layer, providing a direct channel for USDe to enter consumer payments. The initial early access list includes 400 users and will expand weekly in September as the product exits the beta phase. The app supports 49 countries across Latin America, the Caribbean, Asia, the Middle East, Africa, and Oceania, while regions like the United States, the European Union, the United Kingdom, and Canada are marked for later release.Ethena Pay combines self-custodied wallets with transfers, fiat currency entry, and Visa cards. Ethena Pay Ltd. only provides software and does not offer banking or custodial services; wallet keys are retained on the user's device, and the company cannot recover them. The card is issued by the Third National, chartered in Puerto Rico, and managed by Rain, available only to non-U.S. users. Ava Labs states that the digital dollar balance in the app is held in USDe, with Avalanche handling transfers, payments, and settlements behind the interface.The advertised maximum annual interest rate of 6% for Ethena Pay consists of the base rate for USDe plus the Daily Boost provided by Ethena Pay, and is not an additional 6% on top of the base rate. Standard users can receive a total interest rate of up to 5%, capped at $5,000; Pro users receive 6%, capped at $15,000; VIP users receive 6%, capped at $50,000. Cashback is up to 5%, paid in AVAX.