Ethena launches beta of Avalanche-based Ethena Pay

Ethena Labs has launched a beta version of Ethena Pay, an Avalanche-based self-custodial app that uses the synthetic dollar stablecoin USDe for payments and remittances, The Block reported. Users can receive fiat into a bank account or crypto into a wallet, with funds reflected in USDe. Transfers sent to bank accounts are paid out in local currency. USD, EUR and GBP transfers are free, while other currencies carry a 0.05% to 0.1% fee. The service is being rolled out across 48 countries, including Japan, Singapore and Australia, while the U.S. and EU were excluded from the initial launch region. Ethena plans to add South Korea, Canada and Taiwan during the beta period as local regulatory requirements are met. Ethena did not specify which licenses it has secured.