Ethena Launches Ethena Pay: Featuring 5% Cash Back and 6% USD Savings Yield

September 1st, Ethena announced the launch of its self-hosted financial application Ethena Pay, positioned as the "Internet Currency Neobank," combining the stablecoin USDe with payment, savings, and global transfer functions. The product is currently available on iOS and is undergoing phased open testing in 48 countries and regions.

Ethena Pay offers up to 6% APY on USD savings and up to 5% cashback on card purchases, while supporting free instant global transfers and integrating fiat deposit channels in USD, GBP, EUR, and IBAN accounts. Users can deposit fiat or crypto assets into the account and hold them in USDe form, or withdraw funds to a bank account and settle in local currency.

In addition, Ethena Pay has introduced a multi-level membership system, where users can earn higher returns and cashback levels by locking ENA or inviting users. The highest cashback rate for certain designated merchants can reach 10%. The product is currently running on the Avalanche network, with the U.S. and EU not included in the initial open regions.