Visa
Ethena Pay
5.5/10Overall Score
Card Mode
Self-custodial
Card Type
Debit
Mobile Payments
Google PaySupportedApple PaySupported
About the Project
Fees & Rules
01Getting Started
- Virtual Card Application
- $0
02Rewards
- Cashback
- 4%
Card Guide
Overview
Ethena Pay is operated by Ethena Pay Ltd., a Malta company (C 114576), as the payments arm of the Ethena ecosystem. The Spend Card is a Visa secured credit product collateralised by assets in a self-custodial wallet, issued by Puerto Rico-chartered Third National with Rain as programme manager, and settled and rewarded around Avalanche. Funds stay in a wallet whose keys the user holds, purchases draw on a credit line, and the balance settles at the end of each statement cycle.
| Item | Details |
|---|---|
| Formats: | a virtual card with Apple Pay support; no physical card. |
| Tiers: | Standard, Pro and VIP, with higher rates and wider bands at each step. |
| Collateral: | USDe and AVAX, funded from Avalanche, Ethereum, Polygon, Optimism or Arbitrum. |
| Use cases: | online spending, subscriptions and cross-border payments for non-US residents. |
Benefits
| Item | Details |
|---|---|
| Cashback (Standard): | 4% on the first USD 2,500 of monthly spend, 1% from 2,500 to 4,000 and 0% above 4,000. |
| Cashback (Pro): | 4.5% up to USD 8,000, 2% from 8,000 to 10,000, 1% from 10,000 to 12,000 and 0.5% above. |
| Cashback (VIP): | 5% up to USD 20,000, 2% from 20,000 to 30,000, 1% from 30,000 to 40,000 and 0.5% above. |
| Payout: | paid in AVAX at the conversion price on the credit date, calculated daily after settlement and usually within a few days of purchase. |
| Daily Boost: | eligible USDe and AVAX balances earn up to 6% a year on top, unlocked by at least one qualifying card transaction per month and credited daily in USDe. |
| Referral: | USD 30 in AVAX per qualified new user, subject to identity verification and a qualifying activity. |
Fees
| Item | Details |
|---|---|
| Issuance: | free, including replacement cards. |
| Monthly and inactivity fees: | none. |
| Spending: | 0 transaction fee and 0% APR on purchases. |
| FX: | no FX fee, cross-border fee or markup from Ethena Pay; settlement uses the network rate, where the network charges roughly 1% on most currencies. |
| ATM: | USD 1.00 + 0.65% per withdrawal plus any operator surcharge. |
| Other: | up to USD 40 for a late payment and up to USD 29 for a returned payment. |
Availability
| Item | Details |
|---|---|
| Supported (46): | Antigua and Barbuda, Argentina, Australia, Bahamas, Barbados, Belize, Bolivia, Brazil, Colombia, Costa Rica, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Ghana, Grenada, Guatemala, Guyana, Honduras, Hong Kong, Côte d'Ivoire, Japan, Kenya, Malaysia, Mexico, Morocco, New Zealand, Pakistan, Panama, Paraguay, Peru, Philippines, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Senegal, Singapore, South Africa, Suriname, Thailand, Trinidad and Tobago, Uganda, UAE, Uruguay, Zambia. |
| Not supported: | the United States and the restricted jurisdictions listed in section 4.6 of the terms; the card is issued to non-US persons only. |
| Onboarding: | 18 or older with document, face and address verification, plus a self-custodial wallet holding eligible collateral. |
| Credit line: | the spending limit tracks collateral value, and unmet obligations trigger liquidation of the collateral. |
| Cash access: | ATM withdrawals work where the network, the device and the country allow, and availability sits outside the issuer's control. |
