Ethena Launches Global Money App with USDe Synthetic Dollar
- Ethena Pay app allows users to hold USDe, earn up to 6% in annual rewards, and spend via a payment card.
- The beta rollout includes access for up to 400 users across 48 countries in regions like Latin America and Africa.
- Avalanche will be the exclusive settlement layer for transactions within the app.
- USDe’s market capitalization is approximately $4.1 billion, making it the sixth-largest stablecoin.
- ENA, Ethena’s governance token, has a market cap of around $1.5 billion and rose by about 68% over the past month.
The Ethena Pay app enables users to deposit fiat or crypto, converting funds into USDe while facilitating transfers to external bank accounts using IBAN details. The service is currently unavailable in major markets like the US and EU but may expand pending regulatory approval.
With its recent launch, Ethena aims to enhance everyday payments through its USDe synthetic dollar, which has achieved a significant market presence with a $4.1 billion valuation.(Source)
