Ethena Pay is an app and Visa virtual card from stablecoin issuer Ethena. Its free Standard plan earns 4% on the first $2,500 of monthly card spending. Taiwan is not yet on the official live list; Hong Kong is. See what to know before applying for fees and risks.
What Is Ethena Pay? Company Background
Ethena launched in February 2024 with the synthetic dollar USDe. In September 2026, the official blog said more than $30 billion had flowed through minting and redemption, and USDe had once exceeded $15 billion. Ethena Pay launched in September 2026; as of October 2026, the company said it was live in 48 countries. Learn about USDe’s background in What Is DeFi? An Introduction to Decentralized Finance.
The contracting company is Malta-based Ethena Pay Ltd., which describes itself as a software and technology services provider, not a bank. The Visa card is issued by Third National, and the program is managed by Rain. The app is a self-custodial wallet; the company says it does not hold customer funds.
This is a secured card: assets in your wallet serve as collateral for a spending limit, rather than purchases being deducted directly from your balance. If you miss a payment or the collateral value falls below what you owe, the collateral may be liquidated. See the risk section below.
For a full comparison, see the Ethena Pay review and comparison, or compare it with other cards in the crypto card comparison.
Ethena Pay Rewards: 4% on the Free Standard Plan
There are three tiers: Standard, Pro and VIP. Rewards are calculated in bands according to monthly card spending. Each rate applies only to the portion of spending in that band, and the calculation resets on the first of each month. The official pricing page lists no separate monthly, annual or lifetime reward cap; the spending bands themselves determine the maximum rate.
| Item | Standard | Pro | VIP |
|---|---|---|---|
| How to get it | Default, free, no threshold | Officially available by subscription or referral | Upgrade based on successful referrals; spots are limited |
| Monthly spending rewards (tiered) | First $2,500: 4%; up to $4,000: 1%; above that: 0% | First $8,000: 4.5%; up to $10,000: 2%; up to $12,000: 1%; above that: 0.5% | First $20,000: 5%; up to $30,000: 2%; up to $40,000: 1%; above that: 0.5% |
| Card fees | Same as other tiers | Same as other tiers | Same as other tiers |
Rewards are paid in AVAX, not cash. Transactions below $1 do not earn rewards. ATM withdrawals, crypto or stablecoin purchases, NFTs, securities, gambling, gift cards, P2P transfers, account funding, repayments, fees and taxes are among the excluded transactions.
Ethena Pay Fees
- Card issuance and annual fee: The virtual card is free. The Standard account has no annual fee, recurring subscription fee or monthly maintenance fee.
- Funding: Stablecoin funding is free. On-chain gas and fees from third-party funding services such as MoonPay and Iron are separate.
- Foreign currency: For purchases in non-USD currencies, Visa’s conversion cost is passed through at cost, typically around 1%. Ethena says it adds no markup; this figure is not a cap.
- USD: 0% for USD purchases at merchants abroad.
- ATM: Available only where ATM withdrawals are enabled. Each withdrawal costs $1 plus 0.65% of the amount; the ATM operator may charge separately.
- Late payment fee: Up to $40. Returned payment fee: Up to $29, capped at the minimum payment due; it is not charged if a late payment fee was already charged for the same payment. There is no over-limit fee. Replacement and activation are free.
See the full Ethena Pay fee details.
What to Know Before Applying
- Secured card: If you are more than 1 calendar day late, or the collateral value falls below your spending and you do not add funds, you have authorized liquidation of the collateral without further consent. Ethena Pay and the issuer determine the grace period.
- Your spending limit may change at any time. The official terms say it can be reduced to $0, potentially without prior notice.
- Rewards may change or be discontinued. They are paid in AVAX, whose price fluctuates.
- Hong Kong readers: Ethena Pay is not licensed by the Hong Kong Securities and Futures Commission as a virtual asset service provider, nor authorized by the Hong Kong Monetary Authority for stored-value payment facilities, money services or banking. Services involving virtual assets are provided only under the applicable reverse-solicitation principle, meaning users must seek them out on their own initiative.
How to Apply for Ethena Pay
The app is the only official way to apply; there is no registration form on the website.
- Download the Ethena Pay app on an iPhone and register by email. It requires iOS 17.0 or later, and the interface is in English.
- Complete identity verification if your region is supported.
- When you agree to the Spend Card terms, check whether the card is available where you live.
- If you can get the card, fund it with stablecoins.
- Create a virtual card in the app and add it to Apple Pay.
Using Ethena Pay in Taiwan and Hong Kong
In Taiwan, you can download the iPhone app and join the in-app waitlist.
Hong Kong is on the official list of live account regions. The company says card availability is confirmed when you agree to the Spend Card terms. Hong Kong dollar purchases are in a non-USD currency and incur the Visa foreign-currency cost described above, typically around 1%. Apple Pay is officially supported.
