Ethena Debuts Crypto-Centric Neobank Ethena Pay

Cryptocurrency firm Ethena has unveiled its latest product, Ethena Pay, an internet-based neobank detailed in a report by PYMNTS. This new service, launched on September 1, provides card spending, dollar saving, international transfers and a feature called "Buy Now Pay Never," where earnings from savings cover daily expenses. Ethena Pay's rollout is happening gradually, starting with 400 early access users who will see their numbers rise weekly in supported regions as the product moves out of beta this month.

This launch, highlighted by CoinDesk, represents Ethena's broader expansion beyond its $4 billion synthetic dollar token USDe. The company recently upgraded the economics of the ENA token and introduced plans to use equity perpetuals for generating returns for USDe, the report stated. Ethena Pay also connects savings products to payments, allowing users to hold, earn rewards and spend or transfer money through a single app, eliminating the need to move funds between a crypto wallet, exchange and bank.

A PYMNTS report titled "From Asset to Everyday Money: Making Digital Currencies Spendable," reveals that while consumers are interested in using stablecoins and other cryptocurrencies for purchases, their options are limited due to acceptance issues, trust concerns, and uneven payment experiences. However, the research suggests that linked cards, instant conversion, and modern issuer-processing systems can bridge the gap between digital assets and existing payment tools that customers and merchants already use.