Key Highlights
- Ethena Pay, a self-custodial payment application powered by Avalanche, has entered beta testing in 48 nations worldwide.
- Users can earn annual yields reaching 6% on their USDe holdings, plus cashback rewards up to 10% with participating merchants like Uber and Spotify.
- The ENA governance token has surged approximately 68% during the last 30 days, currently trading around $0.16.
- Ethena Foundation announced plans to allocate 95% of net revenues toward ENA token buybacks when USDe circulation reaches $7.5 billion.
- Following the buyback announcement, ENA jumped over 10% and generated approximately $595 million in daily trading activity.
Ethena Labs has unveiled 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.
Built as a self-custodial solution, the application enables users to maintain USDe, Ethena’s synthetic dollar product, as their primary dollar-based balance. Incoming transfersâwhether traditional fiat currency or cryptocurrencyâautomatically convert to USDe upon receipt.
The platform facilitates IBAN-based bank transfers, allowing users to transfer funds between external banking institutions using local currencies. While USD, EUR, and GBP transactions carry no fees, alternative currencies incur charges ranging from 0.05% to 0.1%.
Ethena Pay operates through a three-tier membership structure. Standard tier participants receive 5% APY on balances up to $5,000. Pro tier members, achieved by staking $2,000 in ENA tokens or recruiting 10 users, receive 6% on balances up to $15,000. VIP members, requiring $10,000 in locked ENA or 50 referrals, earn 6% on balances reaching $50,000.
Reward Structure and Card Benefits
The platform incorporates a payment card system distributing cashback rewards in AVAX tokens. Standard members receive 4% cashback, Pro members earn 4.5%, while VIP members collect 5% on general purchases. Additionally, Pro and VIP tiers unlock enhanced rewards of up to 10% at partner merchants including Uber, Spotify, and Claude.
The technical infrastructure powering the application comes from Iron, a MoonPay subsidiary. All payment processing and fund transfers settle exclusively on the Avalanche blockchain.
Notable exclusions from the initial deployment include the United States, European Union, Canada, Taiwan, and South Korea. Ethena anticipates expanding into these territories throughout the beta phase, subject to obtaining necessary regulatory permissions.
Token Performance and Foundation Buyback Initiative
The ENA token has appreciated roughly 68% throughout the past month, although it continues trading below previous peak levels. According to CoinGecko data, the token was valued at approximately $0.16 on Tuesday.
Last Friday, the Ethena Foundation unveiled a proposal to channel 95% of its net revenue into ENA token repurchases. This mechanism would activate once USDe’s total supply crosses the $7.5 billion threshold.
The token experienced a surge exceeding 10% immediately after the buyback announcement and accumulated 27% gains throughout the week. Trading volume reached approximately $595 million over a 24-hour period, representing a 16% increase from the previous day.
Market analyst LAR (@LAR7Crypto) identified an emerging Double Bottom chart formation for ENA, observing that the price had successfully breached a critical resistance level. LAR established a medium-term price objective of $0.30 and a long-term target of $1.50, suggesting that a potential pullback to $0.13 could present an optimal entry opportunity.
USDe currently maintains a circulating supply near $4 billion, significantly lower than its September 2025 peak of approximately $15 billion. Among stablecoins, USDe holds the sixth position by market capitalization at roughly $4.1 billion.
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