Ethena has launched the beta of Ethena Pay, a self-custodial iOS money app that uses Avalanche as its exclusive settlement layer and gives USDe a direct route into consumer payments. The app offers rates of up to 6% per year for VIP users on balances up to 50,000 dollars, with a cashback system reaching 5% for the same tier of users. The beta starts with an early-access list of 400 users across 49 countries, primarily in Latin America, Asia and the Middle East, with the U.S., EU, U.K. and Canada planned for later. The Visa card is issued by Third National, a Puerto Rico-chartered bank, and managed by Rain, and is available only to non-U.S. persons. Digital dollar balances are held in USDe, with Avalanche handling transfers, payments and settlement.
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