Ethena (ENA) Surges 68% as New Payment App Goes Live on Avalanche Network

Key Highlights

• Ethena Pay, a self-custodial financial application powered by Avalanche, has entered beta testing in 48 nations worldwide.
• Users can earn yields of up to 6% APY on their USDe holdings and receive up to 10% rewards at partner merchants like Uber and Spotify.
• The governance token ENA has surged approximately 68% during the last 30 days, currently hovering around $0.16.
• A proposal from the Ethena Foundation suggests allocating 95% of protocol revenue for ENA repurchases after USDe circulation reaches $7.5 billion.
• Following the buyback announcement, ENA increased over 10% and generated approximately $595 million in daily trading activity.

Ethena Labs has rolled out the beta version of Ethena Pay, an innovative financial application constructed on the Avalanche blockchain. The platform is currently operational in 48 nations, spanning Brazil, Mexico, Kenya, Singapore, and Australia.

Built with self-custody principles, the application enables users to maintain USDe, Ethena’s synthetic dollar asset, as their primary dollar-based balance. Incoming transfers in either traditional currency or cryptocurrency automatically convert to USDe upon receipt.

The platform facilitates IBAN-compatible bank transactions, allowing users to transfer funds between external banking institutions using local currencies. Transfers in USD, EUR, and GBP incur no charges, while alternative currencies face nominal fees ranging from 0.05% to 0.1%.

Three membership categories structure the app’s reward system. Standard members receive 5% annual percentage yield on deposits up to $5,000. Pro membership, requiring either $2,000 staked in ENA tokens or 10 successful referrals, provides 6% returns on balances reaching $15,000. VIP status, unlocked through $10,000 in staked ENA or 50 referrals, offers 6% yields on deposits up to $50,000.

Rewards Program and Payment Features

The platform incorporates a payment card system distributing cashback rewards in AVAX tokens. Standard tier members collect 4% cashback, while Pro members receive 4.5% and VIP members earn 5% on general purchases. Premium tier users can access enhanced rewards of up to 10% when transacting with designated partners including Uber, Spotify, and Claude.

Iron, a subsidiary of MoonPay, powers the application’s technical infrastructure. Avalanche serves as the sole blockchain network handling all payment processing and transaction settlements.

Notable markets including the United States, European Union, Canada, Taiwan, and South Korea remain excluded from the current launch phase. Ethena plans to incorporate these regions throughout the beta period, subject to obtaining necessary regulatory permissions.

Token Performance and Repurchase Strategy

The ENA token has appreciated approximately 68% throughout the previous 30-day period, despite trading beneath earlier peak values. Tuesday’s price stood at roughly $0.16, based on CoinGecko data.

Last Friday, the Ethena Foundation unveiled a proposal to channel 95% of protocol revenues toward purchasing ENA tokens. This mechanism would activate upon USDe’s circulating supply achieving the $7.5 billion threshold.

The token appreciated more than 10% immediately after the buyback disclosure and registered a 27% weekly gain. Daily trading volume reached approximately $595 million, representing a 16% increase compared to the previous session.

Market analyst LAR (@LAR7Crypto) identified a Double Bottom chart pattern developing for ENA, observing that price action had successfully penetrated a critical resistance threshold. LAR established a medium-range price objective of $0.30 and an extended target of $1.50, suggesting a possible pullback to $0.13 could present an optimal entry opportunity.

The present circulation of USDe totals approximately $4 billion, significantly below its September 2025 maximum of roughly $15 billion. Among stablecoins ranked by market capitalization, USDe holds the sixth position with approximately $4.1 billion in total value.