Ethena launched a payments app called Ethena Pay, allowing users to deposit fiat or crypto funds automatically converted to USDe, with 6% rewards. The app uses IBAN details to transfer funds to and from external bank accounts, with infrastructure provided by MoonPay-owned Iron. It is not initially available in the US, EU, Canada, Taiwan, or South Korea. USDe, Ethena’s Ethereum-based synthetic dollar, has reached a market capitalization of about $4.1 billion, making it the sixth-largest stablecoin. The protocol also proposed directing 95% of its net revenue toward ENA token buybacks once USDe’s circulating supply reaches $7.5 billion.
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