6% interest rate +5% cashback: Ethena Pay reinvents stablecoin banking

According to Woofun AI, Ethena officially launched the consumer finance application Ethena Pay, which aims to integrate stablecoins into a new banking experience for internet money and achieve a strategic transformation from single revenue generation to comprehensive financial services.

On Tuesday, the app launched on the Apple (AAPL.US) App Store, integrating US dollar savings, credit card spending, international transfers, and fiat recharge functions. According to data compiled by Woofun AI, the product provides a 6% savings interest rate and a 5% credit card spending rebate rate, supports free recharges in US dollars, pounds, and euros, and provides local currency and fiat international bank accounts linked to self-hosted stablecoin accounts. Driven by this positive trend, ENA shares rose 9%, outperforming the overall weak cryptocurrency market.

The move marks Ethena no longer relies solely on cryptocurrency trading operations that generate revenue for the $4 billion synthetic dollar token USDe. Last week, the project adjusted the ENA token economic model and plans to use equity perpetual contracts as another source of revenue for USdE. Earlier this year, Ethena partnered with Coinbase (COIN.US), which has over 100 million users, to launch savings products and open up new distribution channels. Ethena Pay is further integrated with payment functions, so users can store, receive rewards, and spend without operating funds between wallets, trading platforms, and bank accounts. The app has a “buy now, never pay” feature that allows you to use savings rewards to pay bills without using the principal amount. The agreement chose Avalanche (AVAX) as its exclusive settlement network to handle fund flows, transfers, payments, and settlement transactions. This is another expansion beyond the original Ethereum core infrastructure.

Currently, Ethena Pay is limited in terms of availability, and the first batch will only open the experience for 400 users. The number of users will gradually increase as the September beta phase ends. Following the Coinbase (COIN.US) cooperation, this is another key layout of Ethena in the field of everyday stablecoin applications, which is expected to further blur the boundaries between traditional banking and crypto finance.