Hassan Maishera
On Tuesday, the Ethena team announced via X that they have launched EthenaPay, an internet neobank. The roll-out will be phased with an initial early access list of 400 users which will be increased weekly within supported regions as the product moves out of beta over the course of this month.
Ethena is partnering with Avalanche as the exclusive settlement layer for the Ethena Pay product suite.
Providing saving and spending functionality for billions of users requires infrastructure that can support familiar financial experiences at a global scale by default.
Avalanche provides fast finality, low costs and flexible infrastructure needed to power money movement, transfers, payments and settlement for all of Ethena Pay.
Ethena Ethena is a blockchain-based protocol designed to create stable digital assets without relying on traditional banks or centralized institutions. It operates within the broader world of decentralized finance (DeFi), where financial services are built on public blockchains instead of banks and other intermediaries.
The protocol's main product is USDe, a synthetic stablecoin designed to maintain a value close to one US dollar. Unlike traditional stablecoins that hold real dollars in a bank account, USDe uses a combination of on-chain collateral and derivatives positions to maintain its peg. Ethena also has a second stablecoin, USDTb, which takes a different approach by holding tokenized real-world assets.
Ethena uses smart contracts on Ethereum to issue USDe and manage the collateral backing it. Users deposit crypto assets (such as ETH, BTC, or liquid staking tokens like stETH) to mint USDe. Each USDe token is designed to be worth approximately one US dollar at all times.
ENA is the protocol's governance token. It allows holders to vote on decisions that affect how Ethena operates and develops over time.
ENA is up 5.4% today and is currently trading at $0.1590.
