Ethena has launched a new global neobank, Ethena Pay. The service combines payments and savings with stablecoins. The app is already available for download on iOS smartphones. Users can store and spend the USDe digital currency. Customers receive five percent cashback on card purchases. The stated rate on dollar savings reaches six percent. The Avalanche blockchain serves as the core infrastructure for operations. The service is already fully live and is not merely an announcement. The company positions the product as a modern internet neobank. The new platform combines traditional financial features with cryptocurrency.
Customers receive free instant international money transfers. Accounts can be funded in dollars and European currencies. British pounds and many local national currencies are supported. Users open multi-currency savings accounts with additional rewards. The service integrates IBAN with non-custodial stablecoin accounts. Customers can spend their rewards on everyday purchases. A dedicated feature allows purchases to be made without immediate payment. The company highlights the significant scale of its own crypto infrastructure. The USDe stablecoin serves as the primary collateral for its products. The major platform Robinhood actively uses this financial collateral.
The Ethena project has been successfully integrated with BlackRock's platform. The Aladdin system manages assets worth twenty-five trillion dollars. Ethena's products are available on more than one hundred different platforms. Blockworks researcher Carlos gave the neobank launch high marks. The expert described the move into consumer finance as an interesting direction. Stablecoins hold a serious advantage over traditional neobanks. They immediately combine dollar access with international transfers. Yield-bearing balances and everyday payments operate within a single system. The company previously distributed its products through various third-party integrations.
Ethena is now attempting to directly control the relationship with the end user. This path is far more challenging for a young technology company. The financial reward for a successful market entry is far greater. Winners in the segment could grow into large multi-billion-dollar corporations. Carlos compared the potential outcome to the platforms Nubank and Revolut. Spending volume on crypto cards reached one billion dollars. The figure grew by nearly two hundred percent over the past year. Delphi Digital co-founder Tommy Shaughnessy gave the launch a positive assessment. The expert noted the combination of cashback and a high savings rate.
Researcher Jay Lee drew attention to the legal structure. The company describes the yield as an ordinary discretionary promotional offer for customers. The terms allow the company to reduce the elevated financial reward. The high rate is the price paid for the absence of a dedicated banking license. In September of last year, the M2 Capital Limited fund deployed capital. The UAE-based investment arm purchased tokens worth twenty million dollars. In June, Ethena announced a strategic partnership with Coinbase. Its products gained access to an audience of more than one hundred million users. Crypto neobanks are gradually reshaping the global consumer finance market.