Ethena launches beta of Ethena Pay on Avalanche

Ethena Labs has launched a beta version of Ethena Pay, a self-custodial app on Avalanche that utilizes the synthetic dollar stablecoin USDe for payments and remittances. Users can receive fiat into a bank account or crypto into a wallet, with funds displayed in USDe. Transfers to bank accounts are converted to local currency. Transfers in USD, EUR, and GBP are free, while other currencies incur a fee of 0.05% to 0.1%. The service is available in 48 countries, including Japan, Singapore, and Australia, while the U.S. and EU are excluded from the initial launch. Ethena plans to expand to South Korea, Canada, and Taiwan during the beta phase as local regulatory requirements are met. The company did not disclose which licenses it has obtained.

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