Ethena Pay launches self-custody app and card rewards on Avalanche

The service combines a self-custodial wallet, payments and a non-U.S. spend card, with tiered AVAX cashback and promotional USDe balance rewards subject to caps.

By The Third AnglePublished September 1, 2026 at 21:54 UTC3 min read

A payment card held near a card reader. — Ethena Pay combines card spending with self-custodied digital-asset functionality. Photo: Unsplash · Unsplash License

Qualifying card purchases earn tiered cashback paid in AVAX: headline rates range from 4% to 5%, then step down as monthly spending crosses each tier's bands. Crypto purchases, cash advances, gambling, gift cards, account funding and several other categories are excluded.

The headline rate has conditions

Eligible USDe balances can receive a promotional total rate of 5% or 6% per year up to tier-specific caps, provided the user makes a qualifying card transaction during the month. Ethena Pay says the boost is discretionary, is not a bank deposit or insured interest, and can fall to zero when the underlying USDe rate exceeds the tier total.

Self-custody removes the company from control of wallet keys but puts recovery risk on the user. USDe and AVAX can lose value, and the advertised benefits depend on geographic eligibility, spending bands and program terms that can change.

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