# Ethena Launches Neobank App on Avalanche

*Author: David Christopher*
*Published: Sep 1, 2026*
*Source: https://www.bankless.com/read/news/ethena-launches-neobank-app-on-avalanche*

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Ethena is taking USDe directly to consumers with Ethena Pay, a self-custodial money app offering savings rewards, global transfers, and card spending.

### What’s the Scoop?
- **Ethena Pay Goes Live:** Ethena launched [*Ethena Pay*](https://pay.ethena.fi/), a self-custodial neobank built on Avalanche. The app lets users hold USDe, earn rewards, spend through Visa, and send fiat or crypto globally. The beta starts with 400 users across [49 countries](https://pay.ethena.fi/jurisdictions), with the U.S., EU, U.K., and Canada coming later.
- **Tiered Rewards:** Standard users earn [*5% on up to $5K*](https://pay.ethena.fi/faq) with 4% cashback, while Pro and VIP offer *6% yields* with higher balance limits and up to 5% cashback. Cashback is paid in AVAX.
- **New ENA Utility:** Users can unlock Pro by locking [*$2K of ENA*](https://www.theblock.co/news/web3/2026-09-01-ethena-pay-app-avalanche-yield-cashback-413225) or referring 10 users, while VIP requires *$10K of ENA* or 50 referrals, tying ENA directly into Ethena Pay’s rewards system.
- **Ethena’s Busy Week:** The launch follows several ENA-focused changes, including [investor lockup restructuring](https://www.bankless.com/read/news/ethena-adds-equities-to-basis-trade-shutters-hip-3-market), a proposed ENA buyback mechanism, and plans to expand USDe’s basis trade into equity perps. Ethena Pay now adds a consumer distribution layer for USDe while creating another use for ENA.

> Introducing [@EthenaPay](https://x.com/EthenaPay?ref_src=twsrc%5Etfw): the internet money neobank.→Card spend cashback at 5.0%→Best-in-class 6.0% dollar savings rate→Borderless, free, instant global money transfers→Free global onramps in USD, GBP, EUR and local FX→Multi-currency high-rewards savings accounts in… [https://t.co/d76b1Gul4V](https://t.co/d76b1Gul4V) [pic.twitter.com/1gpw7zS2cZ](https://t.co/1gpw7zS2cZ)— Ethena (@ethena) [September 1, 2026](https://x.com/ethena/status/2094757121959280641?ref_src=twsrc%5Etfw)