Ethena Pay leverages stablecoin economics to gain competitive edge

Ethena has launched Ethena Pay, a neobanking platform that integrates self-custody wallets, virtual IBANs, and card payments. By issuing its own USDe stablecoin, Ethena retains backing revenue to fund user rewards, differentiating itself from competitors reliant on third-party stablecoins like USDC or USDT. The platform, currently available on iOS in nearly 50 countries, plans to expand to Android and additional regions. Additionally, Ethena's governance has approved an ENA fee switch, with buybacks linked to USDe supply milestones. The protocol is also expanding its hedging framework to include tokenized equity perpetual futures.