Ethena founder launches Ethena Pay neobank on Avalanche with up to 6% yield

• —The app runs only on Avalanche, with balances held in USDe at up to 6% APY
• —Visa card cashback is 4-5% base and up to 10% at select merchants, paid in AVAX
• —Launched September 1 in 48-50 countries on iOS, beta with about 400 users, with the US excluded due to regulation
• —Seven-figure deposits attracted in two weeks; the ecosystem has previously processed over $30 billion in mints and redemptions