Ethena Pay, a payment service in the synthetic dollar USDe ecosystem, said it launched the beta version of an iOS app on September 1 that uses Avalanche as infrastructure for digital asset transfers and settlement. Unlike fiat-backed stablecoins operated primarily with reserve assets such as cash and short-term government bonds, USDe is designed to maintain its dollar value by combining crypto assets with derivative positions that offset their price movements, among other components. The app uses a self-custody model in which users, rather than the service provider, manage the private keys and recovery phrases that prove authority to move assets. It brings together on one screen USDe balance management and instant transfers, fiat deposits and withdrawals, an IBAN-based account using the standard bank account number format for international transfers, and Visa card payments. The IBAN-based account is provided by a licensed banking partner. According to the official supported-country page, the service is currently available in 49 countries. It lists the United States, the European Union, the United Kingdom, Switzerland, Canada, Taiwan and Korea as 'coming soon,' but does not give a launch date for Korea. Financial markets publication FXStreet reported that initial access was limited to 400 people. According to the official FAQ, Daily Boost, which adds rewards to balances, is a discretionary promotion available to users who make at least one eligible card transaction per month. It is neither interest nor a deposit, and it is not covered by any government deposit insurance. Rewards are paid daily in USDe. The annualized reward rate combining base USDe rewards and the boost is 5% for Standard on up to $5,000, 6% for Pro on up to $15,000, and 6% for VIP on up to $50,000. Card cashback ranges from 0% to 5% of the U.S. dollar value of eligible purchases depending on the user's tier and monthly cumulative spending band, and is paid in Avalanche's native coin AVAX after conversion at the exchange rate in effect at the time of payout. Ethena Pay states that it is not a bank, securities firm or money transmitter, and that it does not custody, manage or access users' funds, digital assets or wallet access information, including private keys and recovery phrases. The Visa card is issued by Third National, while Rain operates the card program. USDe holdings and some transfers use the Avalanche blockchain, but it cannot be concluded that all merchant card payment records and final settlement take place directly on the blockchain. At this stage, the product is not in a full global rollout but is a regionally and user-limited iOS test version, and it is not yet available in Korea.
Ethena Pay, a Payment App for Synthetic Dollar USDe, Launches iOS Beta: Initial Access Limited to 400, Korea Not Yet Supported
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Bringing wallet, card and account functions together in a single interface broadens the points of contact between the USDe ecosystem and users. However, self-custody wallets, bank accounts and card payments each have different responsible parties and dispute procedures. When the service launches in Korea, users should check the USDe redemption route, who handles card disputes, and their rights if a partner becomes insolvent, function by function. The 5% to 6% annual rewards and up to 5% cashback come with conditions and caps and are paid in USDe and AVAX, respectively, so they do not represent guaranteed returns in Korean won.