It looks like a bank and it is not oneEthena Labs opened the beta of Ethena Pay on September 1 — a money app built on top of its synthetic dollar USDe. Settlement runs on Avalanche, and a face or fingerprint replaces the password.
The promise: up to 6% a year on your balance, paid daily, no staking, no lock-ups, and 4–5% back on spending, up to 10% at selected brands. Transfers go to a name, not a wallet address.
The catch sits inside the yield. Ethena does not set the USDe base rate, it moves with the market, and the top-up to your tier rate only counts on part of the balance: $5,000 on the entry tier, $15,000 and $50,000 higher up. Anything above that earns the base rate alone.
And the key part: the wallet is yours, the company never holds the money. Nobody can freeze it on someone else's say-so — and there is no deposit insurance either: the terms are on the Ethena Pay site.
#project
ByBit: up to $30,000 bonus — my pick for trading!
My channels: Youtube • X • LinkedIn • Instagram • Threads
