Ethena Pay debuts on Avalanche with 6% dollar savings
DeFi & Yields ·
The self-custodial neobank app is now live on iOS, using Avalanche as its exclusive settlement layer for savings, spending, and cross-border transfers.
Ethena Pay, described as an internet money neobank, has launched on Avalanche with a headline 6.0 percent dollar savings rate, according to a post from Ethena. The same announcement lists card spend cashback at 5.0 percent, free instant global money transfers, free onramps in USD, GBP, EUR and local FX, and multi-currency savings accounts paying rewards in local currency. A separate report from The Block describes the same product offering up to 6 percent yield and 10 percent cashback across 48 countries, indicating the reward structure may vary by market or promotion.
The app also bundles a unified fiat IBAN with self-custodial stablecoin accounts and a feature called Buy Now Pay Never, where savings rewards are intended to offset routine expenses. Ethena has named Avalanche as the exclusive settlement layer for the entire Ethena Pay suite, citing the network's fast finality, low transaction costs, and flexible infrastructure as necessary to support money movement, transfers, payments, and settlement at scale.
Rollout is phased rather than immediate for most users. An initial early access list currently covers 400 users, expanding weekly within supported regions as the product exits beta over the course of this month. People in regions not yet supported can join a waitlist and receive a 30 dollar sign-up bonus, with access expected to open within the next few weeks as coverage expands.
Ethena Pay is available now for download on iOS, and the announcement points users to a dedicated X account, website, and documentation for further details, alongside the direct App Store listing. Two sources are currently tracking the launch, with figures on cashback and country coverage differing slightly between the original announcement and subsequent coverage.
What remains unclear is how quickly the waitlist will convert to full access outside the initial 400-user group, whether the 5 percent versus 10 percent cashback figures reflect different tiers or regions, and how the self-custodial stablecoin and IBAN integration will function once the product moves fully out of beta.