Key Highlights
- Ethena Pay, a self-custody financial application powered by Avalanche, has entered beta testing in 48 nations worldwide.
- Users can earn annual percentage yields reaching 6% on USDe holdings and receive cashback rewards up to 10% from participating merchants like Uber and Spotify.
- The ENA governance token has appreciated approximately 68% during the last 30 days, currently trading around $0.16.
- A governance proposal from the Ethena Foundation suggests allocating 95% of net protocol revenue to ENA token buybacks after USDe supply crosses $7.5 billion.
- Following the buyback announcement, ENA jumped over 10% and registered approximately $595 million in daily trading activity.
Ethena Labs has officially released the beta version of Ethena Pay, an innovative financial application operating on the Avalanche blockchain. The platform is currently accessible in 48 nations, spanning regions including Brazil, Mexico, Kenya, Singapore, and Australia.
Built with self-custody principles, the application enables users to maintain balances in USDe, Ethena’s algorithmic dollar token, displayed as dollar-equivalent amounts. Incoming transactions in either traditional or digital currencies automatically convert to USDe upon receipt.
The platform features IBAN banking integration, facilitating seamless fund transfers between Ethena Pay and conventional bank accounts using local currency denominations. Transactions in USD, EUR, and GBP carry no fees, while alternative currencies incur charges ranging from 0.05% to 0.1%.
A tiered membership structure governs yield generation. Standard tier participants receive 5% annual yields on balances up to $5,000. Pro tier members, achieved by staking $2,000 in ENA tokens or completing 10 referrals, earn 6% yields on balances reaching $15,000. VIP status, requiring $10,000 in locked ENA or 50 successful referrals, provides 6% yields on balances up to $50,000.
Rewards Program and Payment Features
The platform incorporates a payment card system distributing cashback rewards in AVAX tokens. Standard members receive 4% cashback, while Pro tier users earn 4.5% and VIP members collect 5% on general purchases. Enhanced rewards of up to 10% apply for Pro and VIP tiers at partner merchants including Uber, Spotify, and Claude.
Iron, a MoonPay subsidiary, powers the technical infrastructure supporting the application. Avalanche serves as the sole settlement blockchain for all transaction processing and fund movements.
Notable exclusions from the initial launch include the United States, European Union, Canada, Taiwan, and South Korea. Ethena anticipates expanding to these jurisdictions during the beta phase, subject to obtaining necessary regulatory clearances.
Token Performance and Revenue Allocation Strategy
The ENA token has experienced an approximately 68% appreciation over the previous 30-day period, despite trading below earlier peak valuations. CoinGecko data shows the token exchanging hands near $0.16 on Tuesday.
Last Friday, the Ethena Foundation introduced a governance proposal to channel 95% of protocol net revenues into ENA token repurchases. This mechanism would activate when USDe’s total circulating supply achieves the $7.5 billion threshold.
Market response was immediate, with ENA advancing more than 10% post-announcement and accumulating 27% gains throughout the week. Daily trading volumes reached approximately $595 million, representing a 16% increase from the previous session.
$ENA LAST CHANCE TO CATCH THE TRAIN
For everyone who missed $ENA before the pump, you may get another opportunity to jump in before the next strong impulse to the upside.
We have formed a classic Double Bottom pattern, and price has already broken above the key level.
I’m… pic.twitter.com/dUQChFuXRg
— LAR (@LAR7Crypto) September 1, 2026
Market analyst LAR (@LAR7Crypto) identified a Double Bottom chart formation developing for ENA, observing that price action had successfully breached a critical resistance threshold. The analyst projected a medium-term price objective of $0.30 and an extended target of $1.50, suggesting a potential pullback to $0.13 could provide an optimal entry opportunity.
USDe maintains a circulating supply near $4 billion, significantly reduced from its September 2025 peak of approximately $15 billion. With a market capitalization of roughly $4.1 billion, USDe holds the position as the sixth-largest stablecoin in the cryptocurrency ecosystem.
The post Ethena (ENA) Surges 68% Following Avalanche-Based Payment App Launch appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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