Ethena Pay plans US, UK, and Europe launch in three to four weeks

Ethena Pay is coming to the world’s largest English-speaking consumer markets. The app, built by Ethena Labs as a self-custodial mobile neobank powered by the USDe synthetic dollar, expects to open to users in the United States, the United Kingdom, and Europe within three to four weeks of its September 1 beta launch. What Ethena Pay actually does Think of Ethena Pay as a neobank that runs on crypto rails instead of traditional banking infrastructure. Users hold balances in USDe, Ethena’s synthetic dollar, rather than conventional fiat currency. Transactions run exclusively on the Avalanche blockchain. The feature set includes peer-to-peer transfers via usernames, fiat onramps to convert regular money into USDe, and a Visa spending card issued through Third National Bank in Puerto Rico. The backend operations are supported by Iron, a firm acquired by MoonPay in 2025. Standard users can earn up to 5% total annualized rewards on balances up to $5,000, while Pro and VIP users unlock a 6% rate. Card spending adds another layer: AVAX cashback sits between 4% and 5%, with the potential to hit 10% at select merchants for higher-tier users. Ethena Pay Ltd is incorporated in Malta, carrying ...