Ethena (ENA) soared 68% after launching Avalanche-based payment app

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Ethena Pay, a self-hosted financial application built on Avalanche, has entered the Beta testing stage in 48 countries around the world.

Users can earn an annualized rate of return of up to 6% on USDe positions and enjoy up to 10% cash back rewards from partner merchants such as Uber and Spotify.

ENA governance token has risen by approximately 68% in the past 30 days and is currently trading at approximately US$0.16.

The Ethena Foundation has proposed a governance proposal to use 95% of the agreement's net income to repurchase ENA tokens after USDe supply exceeds US$7.5 billion.

ENA prices surged more than 10% after the repurchase news was announced, and daily trading volume reached approximately US$595 million.

Ethena Pay: A self-hosted financial application based on Avalanche

Ethena Labs has officially released a Beta version of Ethena Pay, an innovative financial application based on the Avalanche blockchain. The platform is currently available in 48 countries including Brazil, Mexico, Kenya, Singapore, and Australia.

The app follows the self-custody principle and allows users to hold USDe (Ethena's algorithmic dollar token) balances and display them in a dollar equivalent amount. Recorded transactions, whether in traditional currency or digital currency, will be automatically converted to USDe upon receipt.

The platform integrates IBAN banking services and supports seamless fund transfers between Ethena Pay and traditional bank accounts using local currency denominations. There is no handling fee for transactions in the U.S. dollar, euro and pound, while a fee of 0.05% to 0.1% is charged for transactions in other currencies.

Revenue generation adopts a hierarchical membership structure. Standard level members receive an annualized income of 5% when the balance does not exceed US$5000. Professional members (who need to pledge US$2000 in ENA tokens or complete 10 referrals) can earn 6% if the balance does not exceed US$15000. VIP status (required to lock in US$10000 ENA or complete 50 successful recommendations) can earn 6% if the balance does not exceed US$50000.

Reward plan and payment function

The platform also integrates a payment card system to issue cash back rewards in the form of AVAX tokens. Standard level members receive a 4% cash refund, professional level members receive 4.5%, and VIP members receive 5% on ordinary consumption. At partner merchants such as Uber, Spotify, and Claude, professional and VIP members can also enjoy an additional reward of up to 10%.

Iron, a subsidiary of MoonPay, is responsible for providing technical support for the application. Avalanche serves as the only settlement blockchain for all transaction processing and fund transfers.

This initial release does not include the United States, the European Union, Canada, China Taiwan and South Korea. Ethena is expected to expand into these regions during the beta phase after obtaining the necessary regulatory approvals.

Token performance and revenue allocation strategy

Although ENA token trading prices are below previous highs, they have still increased by approximately 68% in the past 30 days. CoinGecko data showed that the token traded for about $0.16 on Tuesday.

On Friday, the Ethena Foundation presented a governance proposal that plans to use 95% of the agreement's net proceeds to repurchase ENA tokens. The mechanism will be activated when the total circulation supply of USDe reaches US$7.5 billion.

The market responded quickly. ENA rose more than 10% after the announcement, with a cumulative increase of 27% during the week. Daily trading volume reached approximately US$595 million, an increase of 16% from the previous trading day.

Market analyst LAR pointed out that ENA has formed a classic double bottom pattern, and prices have successfully broken through key resistance levels. The analyst predicts a medium-term target of $0.30 and a long-term target of $1.50, and believes that a potential pullback to $0.13 may provide the best opportunity to enter.

USDe's current circulation supply is approximately US$4 billion, a significant drop from the peak of approximately US$15 billion in September 2025. USDe has a market value of approximately US$4.1 billion, ranking the sixth largest stablecoin in the cryptocurrency ecosystem.