Ethena has expanded its ecosystem with the official launch of Ethena Pay, a self-custodial mobile application designed to combine dollar savings, global transfers, and card payment functionalities. Following the rollout, Ethena experienced a notable 7% price increase on Tuesday. The newly introduced platform provides a competitive dollar savings rate of up to 6% with daily reward distributions, alongside cashback incentives of up to 5% on eligible card purchases, which are paid out in AVAX.
Global Transfers and Multi-Currency Infrastructure
The application enables cross-border money transfers, multi-currency savings accounts, and fiat onramps that support major global currencies including USD, GBP, and EUR alongside local alternatives. Through strategic banking partners, the app incorporates fiat IBAN integration alongside self-custodial stablecoin wallets. Avalanche operates as the exclusive settlement layer for the entire payment infrastructure, ensuring smooth transaction processing, transfers, and settlement operations within the mobile platform.
Innovative Features and Security Protocols
Ethena has also rolled out a feature known as Buy Now Pay Never, utilizing savings rewards to help users manage daily expenses, though its exact operation depends heavily on user jurisdiction and account tiers. Structured as a non-custodial service, Ethena Pay ensures that individuals retain direct control over their digital assets rather than depositing them with a centralized entity. Wallet access is protected via passkeys and biometric authentication, allowing users to withdraw funds to external wallets or move capital through supported banking channels.
Phased Rollout and Foundation Updates
Initial access to Ethena Pay is currently restricted to 400 early-access users across supported regions, with plans for weekly expansions throughout September. The service is live for iOS users across 48 countries, subject to local regulatory frameworks, while those in unsupported regions can join a waitlist. Separately, the Ethena Foundation repurchased locked ENA tokens from select seed investors and accelerated the remaining token unlock schedule while proposing new supply-based revenue buyback milestones.
Broader Cryptocurrency Market Performance
At the time of writing, ENA traded at $0.161, reflecting a 6.7% increase over 24 hours and extending a 30-day gain of 83.7% driven by broader sector momentum. Meanwhile, other assets experience varying conditions as Bitcoin holds above $78,000 support amid returning ETF inflows, Ethereum consolidates near $2,450, and XRP faces downward pressure near its 200-day EMA. Concurrently, Solana-based meme coin Bonk has recorded a 7% daily price increase to recover previous weekly corrections.
