Ethena Labs has released the beta version of Ethena Pay, a self-custodial financial application on Avalanche available in 48 countries including Brazil, Mexico, Kenya, Singapore and Australia. Users maintain balances in USDe, which incoming transactions automatically convert to, and can earn tiered annual yields up to 6% while earning cashback on the Ethena Pay Card paid in AVAX tokens. Standard tier users receive 5% APY on balances up to $5,000, Pro tier members achieve 6% on up to $15,000 after staking $2,000 in ENA or 10 referrals, and VIP users earn 6% on up to $50,000 after staking $10,000 in ENA or 50 referrals. The platform offers free instant global transfers via IBAN or username tags with no fees on USD, EUR and GBP, and 0.05% to 0.1% fees on other currencies. Cashback ranges from 4% for standard users to 5% for VIP members on general purchases, with enhanced rewards up to 10% at partner merchants including Uber, Spotify and Claude. The app excludes the United States, European Union, Canada, Taiwan and South Korea, with expansion planned subject to regulatory approvals. Iron, a MoonPay subsidiary, provides backend infrastructure and Avalanche settles all transactions. The ENA governance token has appreciated approximately 68% over the past 30 days and is trading near $0.16, rising more than 10% after the Ethena Foundation announced a proposal to allocate 95% of net protocol revenue to ENA buybacks once USDe circulating supply exceeds $7.5 billion. USDe supply stands at approximately $4 billion, down from its September 2025 peak of $15 billion, and daily trading volume for ENA reached $595 million following the announcement. An analyst identified a double bottom chart pattern for ENA with projected targets of $0.30 medium-term and $1.50 extended.