Ethena Pay launched on Avalanche on Sept. 1 as a mobile financial product that uses the blockchain for USDe transfers, payments and settlement, according to Avalanche. The product is advertising dollar-balance rewards of up to 6% APY and crypto cashback of up to 5% on Visa purchases, though both headline rates are subject to eligibility conditions.
The launch puts Ethena Pay’s payments and settlement functions on Avalanche rather than presenting the network as an optional rail. Avalanche said the mobile product was built exclusively on its network.
Ethena Pay uses Avalanche for USDe transfers, payments and settlement
Ethena Pay is positioned around USDe, with Avalanche handling transfers, payments and settlement for the application. The announcement did not provide transaction-volume figures or a timetable for a wider rollout.
On its official website, Ethena Pay advertises rewards paid daily on dollar balances at a rate of up to 6% APY. It also promotes up to 5% crypto cashback for Visa purchases. Those are maximum advertised rates, not a uniform return available to every user or balance.
The advertised 6% rate and 5% Visa cashback carry eligibility limits
Ethena Pay’s FAQ says the 6% annual total rate is available to Pro and VIP users within specified balance caps. The company’s public materials therefore distinguish the top rate from its general dollar-balance offering.
Card rewards are paid in AVAX for eligible activity, with cashback rates reaching as high as 5%. The boost to the reward rate requires qualifying monthly card activity, according to the FAQ. Ethena Pay has not described the 5% figure as a blanket rate for all purchases.
The structure makes the launch a combined payments and rewards offering: USDe functions are settled through Avalanche, while balance rewards and card cashback are governed by product-tier, balance-cap and activity requirements.
Official Ethena Pay launch graphic stating that Ethena Pay settles on Avalanche. — Source: Avalanche / Ava Labs
Beta access opens in stages across 48 countries, excluding the U.S. and EU
Initial access is limited geographically. Ethena Pay’s beta is rolling out across dozens of countries but excludes both the United States and the European Union. The Block reported that access will open in stages across 48 countries.
That staged beta means availability will depend on a user’s jurisdiction even where the advertised payment, yield and cashback features are promoted. No date for access in the excluded U.S. and EU markets was announced in the supplied launch materials.
