Ethena has launched Ethena Pay, a self-custody payments app that lets users deposit fiat or crypto, automatically convert balances into USDe, send funds via usernames, and spend through a Visa card accepted at 130 million merchants. The card is issued by Third National Bank of Puerto Rico, managed by Rain, and built on infrastructure from Iron. Balances earn yield tied to USDe, with standard users receiving 5% APY on up to $5,000 and Pro users receiving 6% APY on up to $15,000 after meeting upgrade requirements. Card purchases offer 4% to 5% cashback in AVAX, with selected merchants offering up to 10% for VIP users. The launch marks Ethena’s push to expand USDe from an on-chain yield product into a usable payments asset. USDe circulation currently stands at about $4.23 billion, while Ethena has reduced reliance on pure crypto hedging and increased exposure to stablecoin reserves, lending, and tokenized real-world assets as it works to broaden adoption and utility.