Ethena Launched Avalanche-Based Neobank with Cashback and Savings Interest Rate

• Ethena is moving into consumer finance.
• The project has launched an Avalanche-based neobank with 5% cashback and a 6% savings rate.
• The issuer of the USDe stablecoin is trying to compete with Revolut and Nubank.

The Ethena team announced the launch of Ethena Pay — a global neobank that combines stablecoin payments, savings, and transfers in a single app. 

The service is already available to download on iOS and lets users store, send, and spend USDe, earning up to 5% cashback on card spending and a stated 6% rate on dollar savings. 

Avalanche said that Ethena Pay is built specifically on its blockchain, which is used as the infrastructure for the service’s operations.

What Ethena Pay Offers

Ethena positions the product as an internet neobank designed to bring together traditional financial features with stablecoin infrastructure. The stated capabilities include:

• 5% cashback on card spending
• 6% rate on dollar savings
• Free instant international transfers
• Top-ups in USD, GBP, EUR, and local currencies
• Multi-currency savings accounts with rewards
• IBAN integration with non-custodial stablecoin accounts
• The ability to spend savings rewards on everyday purchases via the Buy Now Pay Never feature

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The company emphasizes that the service is already live, not just at the announcement stage.

Ethena already operates at significant scale in crypto infrastructure. According to Avalanche, USDe is used as the primary collateral for Robinhood’s crypto earn product, and Ethena is integrated with BlackRock’s Aladdin platform, which manages roughly $25 trillion in assets. Ethena’s products are also available on more than 100 platforms and protocols.

Ethena Shifts From Infrastructure to the End User

Blockworks researcher with a nickname 0xcarlosg (Carlos) called Ethena’s move into consumer finance one of the most interesting directions in the development of crypto neobanks. In his view, stablecoin neobanks have an edge because they can combine dollar access, international transfers, yield-bearing balances, and everyday payments from day one.

“Ethena enters this market with a major advantage: through USDe and sUSDe, it already owns the underlying dollar and yield layer,” he noted.

Carlos also pointed to Ethena’s strategy shift. Previously, the company distributed its products via Robinhood, Telegram, and other integrations, but it is now trying to directly control the relationship with the end user.

“That path is much harder, but the prize is far larger,” the researcher wrote.

In his estimate, if successful, the winners in this segment could grow into multi-billion-dollar companies that expand far beyond crypto. He compared the potential outcome to Nubank or Revolut — a platform that becomes the primary financial service for millions of users on stablecoin infrastructure.

He named cards as one of the key user acquisition channels. Tracked monthly spending volume on crypto cards reached $1.1 billion in August, up nearly 200% year over year.

Tommy Shaughnessy, Delphi Digital co-founder, also praised the launch of Ethena Pay, highlighting the combination of 5% cashback, a 6% savings rate, and a global multi-currency card.

“Ethena team operate at categorically a different level. An internet native neobank with 5% cashback, a 6% savings rate with a card that is global, borderless and multi-currency. This is extremely disruptive for the status quo and returns a ton of value back to consumers globally,” he said.

At the same time, Jay Lee, Liquid Capital researcher, drew attention to the product’s legal structure. According to him, Ethena describes the yield as a “discretionary promotion” rather than interest, and the terms allow the company to reduce or fully discontinue the boosted rewards.

“The rate is high because the claim on it is weak. That is the price of staying unlicensed,” he noted.

Ethena Pay is launching after the company has already attracted significant institutional attention to its ecosystem. In September 2025, the investment arm of UAE-based M2 Holdings — M2 Capital Limited — invested $20 million in the ENA token. In June 2026, Ethena also announced a strategic partnership with Coinbase, under which its products were set to gain access to the crypto exchange’s audience of more than 100 million users.

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