Ethena has launched Ethena Pay, a self-custodial mobile application allowing users to hold, earn rewards on, and spend its synthetic dollar stablecoin USDe. The app supports fiat onramps, payment cards, and cross-border transfers, with a beta phase initially restricted to 400 users across 48 countries. Avalanche serves as the exclusive settlement layer, while MoonPay-owned Iron provides backend infrastructure.
The beta rollout follows a surge in USDe’s market capitalisation, which stands at $4.1 billion according to DefiLlama, making it the sixth-largest stablecoin. Ethena’s native token, ENA, has seen a 68% price increase over one month and a 16% rise in 24-hour trading volume, according to CoinGecko. The Ethena Foundation has proposed allocating 95% of net revenue toward ENA buybacks once USDe’s supply reaches $7.5 billion.
The app’s expansion into the US, EU, Canada, Taiwan, and South Korea remains subject to regulatory approval. The foundation’s buyback proposal, if implemented, could influence ENA’s price trajectory and adoption, though its broader impact remains unconfirmed. Ethena Pay’s limited initial user access underscores the challenges of scaling a global financial service reliant on blockchain infrastructure.
Written by Oliver Grant
Markets Desk
