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Ethena Launched a Neobank App in 48 Countries

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  Ethena is taking USDe beyond crypto trading. On September 1, Ethena Pay launched its beta across 48 countries , bringing savings, payments, card spending and transfers into a single self-custodial app. Every balance is denominated in USDe , Ethena's synthetic dollar. The United States and European Union aren't included in the initial rollout, with expansion dependent on local regulatory requirements. Three tiers, different rewards Ethena Pay has three membership levels: Standard, Pro and VIP . Standard is free and offers 5% APY on balances up to $5,000. Pro requires either locking $2,000 worth of ENA or referring 10 users. It raises the rate to 6% APY on balances up to $15,000. Then there's VIP. Users can qualify by locking $10,000 in ENA or referring 50 people . VIP keeps the 6% rate but increases the eligible balance to $50,000 . The card adds another incentive Ethena Pay also comes with a payment card that pays cashback in AVAX . Standard users receive 4%...

Ethena Just Changed the ENA Playbook

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E thena is making a major change to how ENA works. The Ethena Foundation announced four proposed changes, including buying out locked seed-investor tokens, ending monthly VC unlocks from October 5, and transferring protocol intellectual property to the foundation. But the biggest change could be what's coming next. Ethena is proposing to direct 95% of net protocol revenue toward ENA buybacks . There's just one condition: USDe must reach $7.5 billion in supply. USDe currently sits around $4 billion, meaning the stablecoin needs significant growth before the buyback mechanism can activate. ENA jumped 23% in 24 hours following the announcement. If governance approves the proposal and USDe reaches the milestone, Ethena could turn protocol growth directly into persistent buying pressure for ENA . The number to watch isn't ENA's price. It's $7.5 billion USDe.

The Dollar Is Winning Crypto’s Biggest Battle

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Crypto was supposed to challenge traditional finance. Bitcoin introduced a form of digital money that doesn't depend on a central bank. DeFi promised financial services that could operate without traditional intermediaries. Yet one of the biggest winners inside crypto is something very familiar: the U.S. dollar. Not paper dollars. Not money sitting in a traditional bank account. Digital dollars living on blockchains. Today, the total stablecoin market is around $310 billion . USDT alone represents roughly 59% of the market, while USDC sits at more than $73 billion. The interesting question is no longer whether dollars belong in crypto. It's which digital dollar becomes part of the financial infrastructure of the future. Why Does DeFi Need Dollars? Bitcoin and Ethereum are valuable assets, but their prices move. That makes them less convenient as a unit of account. Imagine borrowing $10,000 worth of an asset today and discovering that its dollar value has fallen 30...

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