Ethena Launches Crypto-Native Neobank Ethena Pay

Ethena built its profile around USDe, a synthetic dollar with roughly $4 billion in circulation. The launch of Ethena Pay marks a push beyond issuing crypto assets and into everyday financial services, where the company will compete for users’ payment, savings and cross-border transfer activity. The move is significant because it seeks to turn Ethena’s existing dollar ecosystem into a broader, crypto-native banking relationship.

Ethena has announced Ethena Pay, a web-native neobank offering debit-card spending, dollar savings and international transfers. The service is initially being tested with 400 users, giving the company a limited group through which to assess payments and money-movement features before any wider rollout. Ethena Pay represents the company’s most notable product expansion since USDe reached about $4 billion in size.