Ethena launches EthenaPay neobank card with 5% spend cashback and 6% dollar savings rate.
Tech & Launches ·
Ethena has launched EthenaPay, a neobank product built on Avalanche, now available for download on iOS. The service offers 5.0% cashback on card spending and a 6.0% dollar savings rate paid daily with no caps or opt-in requirements. Additional features include borderless money transfers at no cost, free global onramps in USD, GBP, EUR and local currencies, and multi-currency savings accounts with self-custodial stablecoin integration.
The rollout is beginning with phased early access, initially limited to 400 users and expanding weekly in supported regions as the product exits beta. Users in unsupported regions can join a waitlist for a $30 sign-up bonus and early access when their area becomes available in the coming weeks. Ethena has partnered with Avalanche as the exclusive settlement layer, citing the network's speed, low costs, and infrastructure capacity for global payment and transfer functionality.
The product remains in beta with region-specific limitations still in place. Full details on supported jurisdictions and the specific mechanics of the cashback and savings rate calculations have not been fully detailed in available materials.