Ethena Pay, a self-custodial neobank app built exclusively on the Avalanche blockchain, went live on September 1 across approximately 48 to 50 countries on iOS. The service lets users hold USDe, Ethena’s synthetic dollar, earn up to 6% APY and spend through a Visa card offering 4% to 5% baseline cashback, rising to 10% at select merchants. Cashback is paid in AVAX. The rollout began with a beta group of roughly 400 users and recorded seven-figure deposits within its first two weeks. The United States was excluded for regulatory reasons, while expansion to the US, UK and EU was described as weeks away at launch. Ethena Pay’s launch follows a contraction in USDe’s circulating supply from more than $14 billion in October 2025 to an estimated $4 billion to $6 billion by late August 2026. Ethena initially relied on delta-neutral strategies to support USDe and has begun adding real-world-asset lending to its backing. Guy Young, who spent nearly a decade in traditional finance before founding Ethena Labs in March 2023, is betting that yield-sharing and card rewards can distinguish the service from conventional banks, fintech neobanks and competing crypto cards.