Ethena Labs, the team behind the "synthetic dollar" USDe, is expanding into the payments business with the beta launch of a new app called Ethena Pay.
The self-custodial money app is built on Avalanche and offers payment services and rewards on user balances. Ethena founder Guy Young told The Block that Ethena Pay is the first neobanking app vertically integrated with a stablecoin issuer's own product, rather than relying on USDC or USDT.
The app lets users hold Ethena's USDe as a dollar balance. Users can also receive fiat through International Bank Account Number (IBAN) details or crypto directly into their wallet, with funds arriving as USDe in both cases. They can also send funds to external bank accounts, where withdrawals settle in the recipient's local currency, Ethena said.
"Financial services today remain fragmented between fiat and crypto ecosystems," Young said. He said the app was designed to bring crypto into everyday financial activity.
Users can make "instant" global transfers through a username or tag without paying a transfer fee, Ethena said. USD, EUR, and GBP bank transfers are also free, while other bank transfers carry fees of between 0.05% and 0.1%, Ethena added.
