Ethena Launches Stablecoin-Based Neobank With High-Yield Savings and Card Rewards

Ethena has rolled out a consumer finance app designed to turn digital dollars into a full banking experience. The new platform combines high yield savings, card spending, cross-border transfers and fiat onramps within a single interface, positioning itself as an alternative to traditional bank accounts.

Savings and Cashback Take Center Stage

The app offers a 6% annual yield on dollar savings alongside 5% cashback on card purchases. Users can also access fee free currency onramps and linked international bank account numbers tied to self custodial stablecoin balances. A standout feature lets savings rewards cover purchases without touching the user’s original deposit.

Avalanche Chosen for Settlement

Rather than relying on Ethereum, the project selected the Avalanche network to handle transfers, payments and settlement. The rollout builds on earlier partnerships expanding stablecoin savings access to millions of exchange users, with the new app currently limited to a small group of early participants before wider release.

Ethena’s ENA Token down 5% in last 2 hours.