Image: Ethena
Ethena Pay Card review: fees, cashback and limits
A new stablecoin app on Avalanche with up to 5% back in AVAX and up to 6% yield on balances.
Quick answer
Ethena Pay is a self-custody stablecoin app on Avalanche with a Visa card, launched in September 2026 in about 48 countries outside the US and EU. Balances are held in USDe and earn 5% to 6% a year. The card pays 4% back in AVAX on your first $2,500 a month on the free tier, and 4.5% to 5% on Pro and VIP, which need locked ENA or referrals. Ethena adds no FX markup (about 1% network FX is passed through), and ATM use costs $1 plus 0.65%.
Ethena Pay at a glance
| Best for | Stablecoin users outside the US and EU who want high cashback and yield in one app. |
|---|---|
| Skip it if | You're in the US or EU, or you're uneasy about a brand-new product paying unusually high rewards. |
| Network | Visa |
| Card issuer | Third National (per trackers). Ethena doesn't name it. |
| Custody | Self-custody (Ethena says it never holds customer funds) |
| Card type | Spend card |
| Virtual or physical | Virtual |
| Cashback | 4% to 5% in AVAX on capped spend |
| Annual fee | None |
| Apple Pay / Google Pay | Yes / Yes |
| Identity check (KYC) | Required |
| Where it works | About 48 countries at launch, including Brazil, Mexico, South Africa, Kenya, the Philippines, Singapore, Japan, the UAE and Australia. |
Ethena Pay fees
| Card cost | Virtual card free. No replacement fee. |
|---|---|
| Annual or membership fee | None |
| FX and cross-border | No Ethena markup. About 1% network FX is passed through at cost. |
| Crypto conversion | None for USDe balances |
| ATM withdrawals | $1 plus 0.65% per withdrawal |
| Other fees | Bank transfers in USD, EUR and GBP are free. Other currencies cost 0.05% to 0.1%. |
| Late payment up to $40, returned payment up to $29 (trackers) |
Visa applies its own exchange rate on top of any card markup. Check the fee page in the Ethena Pay app for your country before you load money. To see what Ethena Pay would cost you in a year compared with every other card, try the cost calculator.
What a $100 purchase costs with Ethena Pay
These are Ethena Pay's own fees on the Standard tier, before the card network's exchange rate and any ATM or top-up costs. Its FX markup of 1% is the same as the median of 1% across the 60 cards we track with a published FX fee, and cheaper than 24 of them. For a full year based on your own spending, use the cost calculator.
Where it ranks by our score: #5 of 27 in Latin America#4 of 24 in Asia-Pacific#3 of 14 in Africa#4 of 16 in Middle East
Cashback and rewards
- Standard (free): 4% on the first $2,500 a month, 1% on the next $1,500, then 0%
- Pro: 4.5% on the first $8,000 a month, then stepping down. Unlock by locking $2,000 of ENA or referring 10 users.
- VIP: 5% on the first $20,000 a month, then stepping down. Unlock by locking $10,000 of ENA or referring 50 users.
- Pro and VIP can earn 5% to 10% at selected partner brands
- Paid in AVAX, so the value moves with AVAX's price
| Tier | Price or requirement | Cashback | Notes |
|---|---|---|---|
| Standard | Free | 4% on first $2,500/mo | 5% yield on balances up to $5,000 |
| Pro | Lock $2,000 of ENA or 10 referrals | 4.5% on first $8,000/mo | 6% yield up to $15,000 |
| VIP | Lock $10,000 of ENA or 50 referrals | 5% on first $20,000/mo | 6% yield up to $50,000 |
Deposits and withdrawals
How to top up
- Deposit stablecoins, held as USDe on Avalanche
- Bank transfers in USD, EUR, GBP and other currencies
Fees: Stablecoin funding is free. USD, EUR and GBP bank transfers are free, others 0.05% to 0.1%.
How to withdraw
- Send funds onchain from your self-custody wallet
- Bank withdrawals (Ethena lists a nominal cost)
- Free instant transfers to other Ethena Pay users
- ATM withdrawals
Fees: ATM $1 plus 0.65%. Bank withdrawals carry a small fee.
Supported assets: USDe on Avalanche.
Where Ethena Pay works
About 48 countries at launch, including Brazil, Mexico, South Africa, Kenya, the Philippines, Singapore, Japan, the UAE and Australia.
Not yet available in the US or EU. The card is only for non-US persons.
Limits and perks
Limits
- Spending limits are not published yet
- Yield applies to balances up to $5,000 (Standard), $15,000 (Pro) or $50,000 (VIP)
Perks
- 5% to 6% yearly rewards on USDe balances
- Partner cashback of 5% to 10% on Pro and VIP, at brands such as Uber, Spotify and Claude
- IBAN and bank transfers
Pros and cons
What's good
- 4% cashback on a free tier
- Yield on balances with no lockup
- No Ethena FX markup and free major-currency bank transfers
- Self-custody
What's not
- Launched September 2026, so no track record
- Rewards paid in AVAX
- Ethena hasn't said where the extra rewards come from
- Not available in the US or EU yet
- Virtual card only
Our take on Ethena Pay
Ethena Pay is the newest card here. It launched in September 2026 on Avalanche in about 48 countries, with balances held in Ethena's USDe stablecoin. The pitch is aggressive: up to 6% yearly rewards on your balance plus up to 5% cashback on spending.
On the free Standard tier, you earn 4% back in AVAX on your first $2,500 a month, then 1% on the next $1,500. That's up to $115 a month, which is generous. Pro and VIP raise the rate and the cap, but you need to lock $2,000 or $10,000 of ENA, or refer 10 or 50 people.
Fees are low. Ethena adds no FX markup and passes through about 1% network FX at cost. USD, EUR and GBP bank transfers are free, and ATM withdrawals cost $1 plus 0.65%.
Two cautions. Coverage of the launch noted that Ethena didn't explain where the rewards above the base savings rate come from, and USDe is a synthetic dollar rather than a cash-backed stablecoin. High rewards on a brand-new product deserve a small first deposit.
The strongest free-tier rewards we track right now, from a product that's only weeks old. Try it with a small balance before you trust it with more.
How we scored Ethena Pay: 7.5/10
MethodologyEthena Pay FAQ
How much cashback does Ethena Pay give?
Standard pays 4% in AVAX on the first $2,500 a month. Pro pays 4.5% on the first $8,000 and VIP 5% on the first $20,000, with lower rates after that.
How do I get Ethena Pay Pro or VIP?
Pro needs $2,000 of locked ENA or 10 referrals. VIP needs $10,000 of locked ENA or 50 referrals.
Is Ethena Pay available in the US or Europe?
Not yet. It launched in about 48 countries outside the US and EU, and the card is only for non-US persons.
Is Ethena Pay self-custody?
Ethena describes it as non-custodial and says it never holds customer funds.
Sources
- Ethena Pay: Introducing Ethena PayLaunch, FX, custody, countries, Sep 3, 2026
- CoinMarketCap Academy: Ethena Pay goes live in 48 countriesTiers, yield, cashback, bank fees
- DefiLlama card details: Ethena PayCashback caps, ATM, issuer, verified Sep 29, 2026
We checked these sources on 15 October 2026. Fees and rewards change often. Spotted something out of date? Report a correction and we'll check it within two working days.
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