USDe Payments App
Ethena Launches USDe Payments App Featuring Visa Integration and Avalanche Settlement
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Key Points
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Ethena Pay relies on Iron, MoonPay’s backend infrastructure, to power fiat onramps and external bank integrations, enabling smooth fiat-to-USDe conversions behind the scenes.
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Avalanche is the exclusive settlement layer for Ethena Pay, with transfers and settlement processed on-chain while the user experience remains banking-like.
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Ethena Pay’s rewards program is tiered: Standard up to 5% annually on balances up to $5,000, while Pro and VIP tiers offer up to 6% on balances up to $15,000.
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The app discloses detailed fee structure: user-to-user transfers within Ethena Pay are fee-free; USD/EUR/GBP bank transfers are free, while other bank transfers incur about 0.05% to 0.1% in fees.
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Ethena Pay’s beta rollout spans 49 countries across Latin America, the Caribbean, Africa, Asia, the Middle East, and Oceania, with the initial list including Brazil, Mexico, Australia, Japan, Singapore, UAE, Kenya, and South Africa; iOS availability already exceeds 50 countries, with Android and EU/US access and multi-currency accounts planned later.
Ethena has launched Ethena Pay, a mobile app that lets users hold, transfer, and spend USDe, the company's synthetic dollar pegged near $1. PYMNTS reported the beta is rolling out to roughly 400 users across 49 countries in Latin America, Africa, Asia, and the Middle East — but excludes the US, EU, Canada, Taiwan, and South Korea for now. The app offers tiered rewards up to 6% annually and near-zero fees for peer-to-peer transfers.
Behind the scenes, Avalanche blockchain handles all settlement while users see a conventional banking interface. Cointelegraph noted the app connects to Visa for merchant payments and uses Iron — MoonPay's backend — to convert regular fiat currency into USDe. Ethena's USDe ecosystem has grown to $4.1 billion in market value, with the ENA governance token worth about $1.5 billion.
How Ethena Pay Moves Money Behind the Scenes
Ethena Pay hides blockchain complexity from users. Bankless explained that Avalanche processes all transfers and settlement on-chain while the app presents a simple banking experience. Users tap to send money; the app converts it to USDe, settles it on Avalanche, and delivers it instantly. Fiat onramps run through Iron, MoonPay's infrastructure, enabling smooth bank-to-USDe conversions in over 49 countries.
Rewards and Fees: What Users Actually Pay
Ethena Pay's rewards are tiered by balance and membership level. TradingView reported Standard users earn up to 5% annually on balances up to $5,000, while Pro and VIP tiers unlock 6% on up to $15,000. Peer-to-peer transfers inside the app are free. Bank transfers via USD, EUR, or GBP cost nothing, but other currencies incur about 0.05% to 0.1% in fees.
Where Ethena Pay Works and What's Coming Next
The beta launched in 49 countries across six continents, including Brazil, Mexico, Australia, Japan, Singapore, the UAE, Kenya, and South Africa. Cointelegraph noted iOS is already available in over 50 regions. Android support, EU and US access, and multi-currency accounts are planned for later rollout. Ethena has processed over $30 billion through its mint and redeem systems across more than 100 platforms.
Ethena's Plan to Reward Token Holders
Ethena proposed a major shift in how it distributes profit. Once USDe supply reaches $7.5 billion, the company plans to direct 95% of net revenue from core businesses toward buybacks of the ENA governance token. This approach rewards long-term holders while USDe supply grows. The move signals confidence that Ethena Pay will drive significant adoption and revenue growth.
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