On September 1, Ethena announced the launch of the beta version of Ethena Pay, an app for managing fiat and stablecoins. The app is built on Avalanche and is already available for download in supported countries.
According to official data, the service is initially available in around 50 countries, with the list of supported jurisdictions expected to expand throughout September.
Bank Transfers and USDe
Ethena Pay connects bank transfers through an IBAN with non-custodial stablecoin accounts. The app allows users to receive and hold funds in USDe, Ethena’s synthetic dollar, pay with a card, and transfer money to other users for free. The company says it will offer free top-ups in USD, GBP, and EUR, as well as in local currencies.
At the same time, Ethena Pay is not a bank. Users remain in control of their crypto assets, while certain payment functions are provided by licensed third-party providers.
Moving Beyond Crypto in Search of Yield
The launch of Ethena Pay comes alongside a search for new sources of yield for USDe, whose supply stands at around $4 B. The company is expanding its basis strategy beyond the crypto market, announcing plans to enter perpetual contracts on stocks. In this segment, funding rates have been several times higher than those for bitcoin in recent months, driven by sustained demand for leveraged trades. The company plans to introduce its first exchange partners and launch the new strategy in the coming weeks.
The move into equity markets comes as yields from crypto derivatives decline: the average funding rate for bitcoin fell from 11% in 2024 to 4.9% in 2025. The new distribution channel for USDe through the payments app adds a third avenue alongside USDe savings and the stablecoins Ethena issues for partners under their own brands.
The Ethena Foundation has also put a proposal to ENA holders to a vote to direct 95% of net revenue from all business lines toward regular automatic token buybacks once USDe reaches $7.5 B in supply. The foundation is known to have bought back locked tokens from a number of early investors who had been selling ENA over the past nine months.