Ethena Launches Avalanche-Based Neobank Offering Cashback and Savings Interest
- Ethena Pay, launched on September 1, offers stablecoin payments, savings, and transfers via an iOS app.
- Users can earn up to 5% cashback on card spending and a stated 6% rate on dollar savings.
- The service includes free international transfers and multicurrency savings accounts.
- Ethena’s yield is described as a “discretionary promotion,” which may be reduced or discontinued at any time.
- The USDe stablecoin serves as collateral for Robinhood’s crypto earn product and is integrated with BlackRock’s Aladdin platform.
Ethena Pay aims to compete with traditional neobanks by providing innovative financial services through stablecoin infrastructure. The launch follows significant institutional investment, including a $20 million investment from M2 Capital Limited.
With features like up to 5% cashback and a 6% savings rate, Ethena Pay positions itself as a disruptive force in the neobanking sector.(Source)
