Ethena Pay Launches on Avalanche for Digital-Dollar Banking
Ethena (ENA)
Editor:
Eugene Serbin
crypto-economy.com reports that Ethena Pay has launched a consumer app exclusively on Avalanche, combining payments, savings, and transfers. The product allows users to hold balances, move between fiat and digital dollars, and spend via Visa’s network of over 130 million merchants. Blockchain infrastructure handles USDe transfers and settlement in the background, while the interface resembles conventional digital banking.
Ethena has processed more than $30 billion through its mint and redeem systems, with USDe integrated across over 100 platforms. The rollout is live on iOS in more than 50 countries, with Android and multi-currency accounts expected later. This architecture separates customer experience from blockchain infrastructure, allowing financial firms to build products without forcing users into DeFi.
Ethena also initiated an onchain governance vote to activate its fee switch, linking ENA buybacks to USDe growth. Additionally, CME Group launched three US dollar reference rates and a real-time index for the ENA token. Institutional credit shifts include a partnership with FalconX for a $1 billion secured lending facility.
Ceffu recently pulled $120 million USDC from Ethena wallets, citing custody concerns. Arthur Hayes also made a purchase of 9.05 million ENA worth about $773,000 before a token unlock.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 1 September 2026. Not the outlet's figures.
Whalio’s Binance spot data for ENA shows a price of $0.1495 with a 1-hour buy ratio of 48.4% and a 4-hour buy ratio of 51.0%. These short-term readings indicate a slight increase in buying pressure compared to the 24-hour buy ratio of 45.8%. The 1-hour volume delta is negative at -$113,985, while the 4-hour delta is positive at +$344,133, suggesting mixed immediate flow. Over the last 24 hours, the volume delta is -$2,081,470, indicating net selling pressure over the longer timeframe. The cumulative volume delta (CVD) for the 24-hour close is +$1,036,232, showing that net buying has outweighed net selling over the full day. This implies that while recent hours saw selling, the overall daily flow remains net positive.
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.
Twenty-four hours later
What ENA did over the 22 hours after the story broke. The market moves for its own reasons; this is what happened, not what the story caused.
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 7-day average buy ratio was 48.6%, making today’s 24-hour ratio of 45.8% slightly below average by 2.8 points. The 24-hour spot volume of $24,778,089 is only 0.38 times the weekly average, indicating significantly lower trading activity. Net buying occurred on only 2 of the last 7 days, contrasting with the 9 hours of net buying recorded in the last 24 hours. The price has declined by 2.1% over the past 8 days, with a total volume delta of -$3,784,526 for the week. This suggests that while today shows some recovery in buying hours, the broader weekly trend remains bearish with lower volume and negative delta.