Ethena Pay Launches Neobank App on Avalanche
Ethena (ENA)
Editor:
Eugene Serbin
Startupfortune.com reports that Ethena Labs launched Ethena Pay on September 1, 2026, introducing a neobanking app built entirely on its own USDe stablecoin. The product offers a virtual Visa card, international transfers, and daily rewards, marking a shift from a DeFi tool to a consumer-facing service. Founder Guy Young stated that Ethena Pay is the first neobanking app vertically integrated with a stablecoin issuer's own product, allowing the company to capture more economics and customer relationships.
Users can receive fiat via IBAN or crypto into their wallet, with funds arriving as USDe, while transfers between users are fee-free. Standard users earn 5% APY on balances up to $5,000, while Pro and VIP tiers offer higher yields and cashback paid in AVAX. The card rewards are specific, with cashback calculated from dollar value but credited in AVAX, creating an exposure to Avalanche with every spend.
The beta launched in 49 countries, excluding the United States and the European Union, with the Spend Card restricted to non-U.S. persons. USDe uses a portfolio of backing assets and derivatives to maintain its peg, a structure that enables the advertised yield but requires scrutiny. Early access began with 400 users, expanding weekly to test whether a stablecoin issuer can move from DeFi balances into real spending. Meanwhile, HyENA, the perpetuals exchange built on Hyperliquid, is shutting down after processing over $4 billion in volume.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 3 September 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.1492 with a 24-hour buy ratio of 49.1%, indicating a near-even split between buyers and sellers. The 1-hour buy ratio sits at 49.2%, while the 4-hour ratio rises to 55.7%, suggesting that buying pressure is building in the short term compared to the daily average. Volume delta reflects this shift, turning positive at +$364,059 over 4 hours after a negative -$13,231 in the last hour. The 24-hour volume delta remains negative at -$531,579, showing that net selling has outweighed buying over the full day. CVD closed at -$19,551, confirming that sellers dominated the session despite the recent intraday surge. Net buying occurred for 14 of the 24 hours, with spot volume reaching $31,872,203 across 147,449 trades.
The latest daily buy ratio of 48.8% sits at the 47th percentile of the last 281 days, against a median of 49.0% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 48.2%, making today's 24-hour ratio of 49.1% only slightly higher by 1.0 point. This indicates that buying activity is marginally above the weekly norm rather than showing a dramatic shift. Spot volume for the day was $31,872,203, which is 0.52 times the weekly average, revealing that trading activity is roughly half of what is typical. The 8-day volume delta totaled -$2,705,534, with net buying occurring on only 2 of the 7 days. This suggests that today's slight increase in buy ratio is an isolated event within a generally subdued and net-selling week.