Guy Young, founder of Ethena Labs, launched Ethena Pay on September 1, a self-custodial neobank built on the Avalanche blockchain. The app allows users to hold balances in USDe, Ethena’s synthetic dollar, while earning up to 6% APY. Users can spend those balances through a Visa card with 4-5% baseline cashback, scaling up to 10% at select merchants, with cashback paid in AVAX. The initial rollout covered approximately 48-50 countries on iOS, excluding the US due to regulatory considerations. Seven-figure deposits landed within the first two weeks.
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