Key Highlights
- Ethena Pay, a self-custodial payment application powered by Avalanche, has entered beta testing in 48 nations worldwide.
- Users can earn yields reaching 6% APY on their USDe holdings, plus cashback rewards up to 10% at participating merchants like Uber and Spotify.
- The ENA governance token has surged approximately 68% during the last 30 days, currently hovering around $0.16.
- A proposal from the Ethena Foundation aims to allocate 95% of net earnings toward ENA token buybacks after USDe supply crosses $7.5 billion.
- Following the buyback announcement, ENA jumped over 10% and recorded approximately $595 million in daily trading activity.
Ethena Labs has rolled out the beta version of Ethena Pay, an innovative payment application constructed on the Avalanche blockchain. The platform is currently accessible in 48 nations, spanning Brazil, Mexico, Kenya, Singapore, and Australia.
This self-custodial application enables users to maintain USDe, Ethena’s synthetic dollar asset, as their primary dollar-based balance. Incoming funds, whether fiat or cryptocurrency, automatically convert to USDe upon receipt.
The platform facilitates IBAN bank transfers, allowing users to transfer funds between the app and traditional banking accounts using local currencies. Transfers in USD, EUR, and GBP incur no charges, while other currency transactions carry minimal fees ranging from 0.05% to 0.1%.
Ethena Pay operates through a three-tier membership structure. Standard tier members receive 5% APY on deposits up to $5,000. Pro tier participants, achieved by locking $2,000 in ENA tokens or referring 10 new users, obtain 6% yields on balances up to $15,000. VIP members, requiring a $10,000 ENA lock or 50 referrals, enjoy 6% returns on holdings up to $50,000.
Payment Card Features and Rewards Program
The application features an integrated payment card distributing cashback rewards in AVAX tokens. Standard members receive 4% cashback, Pro tier users obtain 4.5%, and VIP members earn 5% on general purchases. Pro and VIP tiers unlock enhanced rewards reaching 10% at partnered merchants including Uber, Spotify, and Claude.
Iron, a MoonPay subsidiary, powers the app’s technical infrastructure. Avalanche serves as the sole settlement blockchain for all transactions and fund transfers.
Notable absences from the initial launch include the United States, European Union, Canada, Taiwan, and South Korea. Ethena plans to expand into these territories during the beta phase, subject to obtaining necessary regulatory clearances.
ENA Market Performance and Token Buyback Strategy
The ENA token has experienced a remarkable 68% appreciation over the previous month, despite trading below earlier peak levels. CoinGecko data shows the token exchanging hands near $0.16 as of Tuesday.
Last Friday, the Ethena Foundation unveiled a proposal to channel 95% of protocol net revenue into ENA token repurchases. This mechanism activates when USDe’s total supply reaches the $7.5 billion threshold.
The ENA token experienced an immediate 10% spike following this disclosure and accumulated 27% gains throughout the week. Trading volume reached approximately $595 million over 24 hours, marking a 16% increase from the previous day’s activity.
Market analyst LAR (@LAR7Crypto) identified an emerging Double Bottom formation on ENA’s technical chart, observing that price action had successfully breached a critical resistance threshold. LAR projects a medium-term price objective of $0.30 and an extended target of $1.50, suggesting a potential pullback to $0.13 could present an optimal entry opportunity.
USDe maintains a circulating supply near $4 billion, significantly reduced from its September 2025 peak of approximately $15 billion. By market capitalization, USDe currently holds the sixth position among stablecoins at roughly $4.1 billion.
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