Ethena launches its latest product.
EthenaPay has rolled-out its Earn+ feature giving existing users another channel to earn by integrating deposit balances with onchain vault strategies.
There are already 1400 members using EthenaPay.
EthenaPay launched its card and savings platform only a few weeks ago.
Earn+ and Stablecoin Vaults
Ethena is going after higher rewards by tapping into DeFi.
At present, the EthenaPay platform rewards up to 6% APY with the AVAX token and other cashback offers depending on certain membership tiers and criteria.
Its underlying reward structure and source is different.
The Earn+ product nearly doubles that potential offering to registered users. The way it has been set up is by integrating onchain platforms such as Aave markets and Steakhouse controlled by a curator – in this case Upshift.
Upshift also allows a broad range of stablecoin yield strategies for fintech companies.
The integration relies on using USDe stablecoin as collateral and looping with USDT stablecoin available on Aave V4. EthenaPay describes 24 hours for withdrawal.
DeFi lending and borrowing strategies for stablecoin yield may vary with market conditions.
Additionally, where third-party curation is concerned across vaults, strategies are influenced by the curator and may have impact on risks and rewards.
Is There Still Room for More Stablecoin Neobanks?
Stablecoin neobanking as a category became quite popular in the last 12 months.
Companies like EthenaPay, Rain, Kast, RedotPay, EtherFi, Plasma, and others launched products aimed at consumers and businesses to transform their spending and savings.
This is all built on stablecoin and blockchain rails.
Each stablecoin neobank believes that the stablecoin market is still fairly early and that’s why the opportunity continues to exist to win significant market share.
After all, every few weeks there are developments on the stablecoin issuance side of things.
Cards in general are being used by billions of people every single day, so many digital asset firms are seizing the moment to improve the economics and efficiency underneath.
With stablecoin mobile capabilities growing, it remains to be seen if cards will be the primary form factor for stablecoins to be spent.
Recently, Samsung Galaxy wallet added USDC stablecoin by partnering Coinbase and Bastion.
