Ethena Pay
Holds your dollars as USDe in a wallet only you control, pays the stablecoin's yield as a savings rate, and spends it on a Visa card everywhere but the US.
Self-custodial USDe money app on Avalanche; non-US Visa card via Third National.
- Who holds it
- You do. Funds sit on-chain in a wallet the company cannot freeze.
- The ledger
- The blockchain — no company keeps the authoritative record.
- If it fails
- Nothing on the company side to fail; but lose your keys and the money is gone for good.
Derived from Ethena Pay’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | web3-native |
| HQ | Malta, MT |
| Founded | 2026 |
| Custody | Self-custodial |
| Regulation type | Self-custodial software |
| License detail | Self-custodial wallet; Ethena Pay Ltd (Malta) is a software company, not a bank; secured Visa card issued by Third National (Puerto Rico) under a Rain-managed program |
| Card | Visa · Virtual (secured) |
| Cashback | Up to 5% in AVAX |
| Yield | Up to ~6% on USDe (tier caps) |
| Stablecoins | Yes |
| KYC | Card only |
| Active regions | North America, Europe, Latin America, Africa, MENA, Asia, Oceania |
| Countries | Global |
| Founders | Guy Young |
Verified links: official site ↗
Common questions about Ethena Pay
What is Ethena Pay?
Ethena Pay is a self-custodial, on-chain-first neobank, headquartered in Malta, MT and founded in 2026. You hold the keys: Ethena Pay never takes custody of your funds. It is software rather than a licensed institution (Self-custodial wallet; Ethena Pay Ltd (Malta) is a software company, not a bank; secured Visa card issued by Third National (Puerto Rico) under a Rain-managed program).
Does Ethena Pay have a card, and where can you use it?
It issues a Visa virtual (secured) card, and identity checks apply to the card but not to the wallet. It is available in all 7 world regions tracked here.
Does Ethena Pay require KYC?
Partly. You can use Ethena Pay itself without verifying your identity, but ordering its card requires KYC.
What does Ethena Pay cost?
From the verified fields: cashback Up to 5% in AVAX; yield Up to ~6% on USDe (tier caps). Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Ethena Pay before relying on them.
Peers
Phantom · Zengo · MiniPay · Eco (Beam) · Dakota · MetaMask
Ethena Pay appears in
Neobanks that never hold your money (53) · Neobanks where only the card requires ID (34) · Neobanks available in North America (130) · Neobanks available in Europe (146) · Neobanks available in Asia (134) · Neobanks available in Oceania (74) · Neobanks available in Latin America (116) · Neobanks available in Africa (94) · Neobanks available in MENA (87) · Neobanks that issue a Visa card (186)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.