Ethena Launches Neobank on Avalanche with 5% Cashback and 6% Savings Rate

Ethena has launched Ethena Pay, a global neobank built on Avalanche, offering 5% cashback on card spending and a 6% interest rate on dollar savings. The service is available on iOS, allowing users to store, send, and spend USDe. Ethena Pay combines traditional financial features with stablecoin infrastructure, providing free international transfers, multi-currency savings accounts, and IBAN integration. The company already has significant scale in the cryptocurrency infrastructure, with USDe being used as collateral for the cryptocurrency earn product Robinhood. Blockworks researchers noted that Ethena's entry into consumer finance is an interesting direction, as stablecoin neobanks can combine access to dollars and international transfers. The co-founder of Delphi Digital praised the launch, highlighting the benefits of cashback and savings rates. Ethena has also attracted institutional investments, including $20 million from M2 Capital Limited.

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