Ethena Pay Launches iOS Beta on Avalanche With Up to 6% Reward Rate
Ethena began testing Ethena Pay, a self-custodial mobile app for USDe payments settled on Avalanche, with 400 early users on iOS. The app offers annual reward rates up to 6%, though official terms cap boosted balances with cashback capped at 5% according to one source.
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Beta Launch and Specifications
Ethena rolled out Ethena Pay in iOS beta to 400 early users, offering a self-custodial mobile application for USDe payments with settlement on Avalanche. The app connects USDe balances to daily payment functionality, marking Ethena's expansion beyond stablecoin issuance into direct payment rails.
Reward Rate Discrepancy
Sources diverge on the maximum reward rate available in the beta. Crypto.news reported annual rates up to 6%, while The Defiant stated official terms cap cashback at 5% and impose limits on boosted balance tiers. The discrepancy appears to stem from different interpretations of promotional versus standard rates — the higher 6% figure may reflect early-user incentives, whereas the 5% cap reflects binding product terms for ongoing use.
Why It Matters
For Traders
Actual reward rates depend on final terms; confirm which tier applies to your balance size before treating the 6% figure as guaranteed.
For Investors
A functional payments app strengthens USDe's utility case and could increase on-chain volume and staking returns for sUSDe holders if adoption scales beyond beta.
For Builders
Ethena's Avalanche settlement choice signals confidence in the network's payment finality; other stablecoin projects may follow if Ethena Pay achieves measurable transaction velocity.
This article is for information only and is not financial advice. Read the full disclaimer.
