Ethena Pay Set to Launch in US, UK, and Europe Following Successful Beta

Ethena Pay, a self-custodial neobank app developed by Ethena Labs, is preparing to launch in the United States, the United Kingdom, and Europe within three to four weeks. This announcement follows the app's beta launch on September 1, which was made available in 48 countries, primarily in Latin America, the Caribbean, Asia, the Middle East, Africa, and Oceania, while excluding major Western markets due to regulatory considerations.

The app operates on a unique model, allowing users to hold balances in USDe, Ethena's synthetic dollar, instead of traditional fiat currencies. Transactions are conducted exclusively on the Avalanche blockchain, and the app offers features such as peer-to-peer transfers, fiat onramps for converting regular money into USDe, and a Visa spending card issued through Third National Bank in Puerto Rico. Users can earn rewards on their balances, with rates varying based on account type and spending behavior.

Ethena Pay Ltd, incorporated in Malta, has previously faced regulatory challenges in Europe, including the winding down of its USDe business. The upcoming launch in Western markets is significant given this history. CEO Guy Young has indicated plans for further enhancements, including Android support and multi-currency accounts, as the company expands its user base beyond the initial 400 early-access users. The circulating supply of USDe has seen a notable decline, dropping from approximately $15 billion in September 2025 to around $4 billion at the time of the beta launch, prompting Ethena to seek new consumer payment avenues to stimulate demand.

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Source: KLEA News