The Ethena Pay Spend Card earns 4-5% AVAX cashback on a Visa credit card with no annual fee, available in 49 countries (not US/EU/UK at launch).
Ethena Pay Ltd. is a Maltese private limited company (company number C 114576) registered in Ta' Xbiex, launched on 1 September 2026 as the consumer app for Ethena's USDe synthetic dollar. It describes itself as a software and technology provider rather than a bank, and states it does not extend credit, accept deposits, or hold customer funds or digital assets: balances sit in a self-custodial wallet, identity verification runs through Sumsub, and wallet keys are managed by Privy.
The Ethena Pay Spend Card is a crypto credit card offered by Ethena Pay, available in 49 countries (not US/EU/UK at launch). It offers 4-5% AVAX cashback across 3 reward tiers, giving users the ability to earn higher rates as they increase their commitment. There is no annual fee to hold this card.
It is a strong fit for privacy-conscious users who want to keep custody of their keys while spending. Note that collateral is subject to liquidation risk and the card is virtual only. It runs on the Visa network and requires full identity verification.
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| Tier | Rate | Requirement |
|---|---|---|
| Standard | 4% | Default tier, no requirement. 4% on the first $2,500 of monthly spend, then 1% to $4,000 and 0% above it |
| Pro | 4.5% | Paid tier, unlocked by subscription or referrals (price and referral count not publicly disclosed; see the app for current thresholds). 4.5% on the first $8,000 of monthly spend, then 2%, 1% and 0.5% in higher bands |
| VIP | 5% | Top tier, unlocked by subscription or referrals (price and referral count not publicly disclosed; see the app for current thresholds). 5% on the first $20,000 of monthly spend, then 2%, 1% and 0.5% in higher bands |
On $500/mo spend, the estimated monthly cost breakdown for Ethena Pay Spend Card is: gas $0.50, conversion spread $0.00, flat/FX fees $0.00, and amortised card/tier fee $0.00, for a total drag of 0.1% of spend. After $20.00/mo cashback that nets a gain of about $19.50/mo ($234.00/yr). Because Ethena Pay Spend Card is loaded on-chain, frequent small top-ups add gas cost: a daily-spender profile pays about $10.00/mo in gas versus $0.50/mo for a single monthly load, so total drag runs 2% with daily reloads versus 0.1% with a monthly reload. Figures are conservative estimates and vary with conditions.
Note: Launched in beta on 1 September 2026 and gated: launch coverage (The Block, The Defiant, crypto.news) puts the initial early-access list at 400 users expanding weekly, a figure Ethena does not publish itself, so availability in a listed country does not mean an account today. This is a SECURED credit card, not a prepaid debit card: the Spend Card Terms make the account a secured account whose charges are backed by collateral in the cardholder's own linked wallet, on Ethereum, Polygon, Optimism or Arbitrum. A Liquidation Event is triggered if a payment obligation goes unpaid for one calendar day or if the collateral's market value falls below the required level, the issuer sets that market value at its own discretion, and the cardholder pays the gas for the liquidation out of the collateral. Purchases are 0% APR today but the pricing page discloses a late payment fee up to $40 and a returned payment fee up to $29, and the issuer reserves the right to add interest later. Cashback is paid in AVAX (not USDe), settles once a day rather than instantly, and is banded by cumulative monthly spend, with each band applying only to the portion of spend inside it. Ethena states there is no separate monthly, annual or lifetime cashback cap; the caps recorded here are the maximum earned at each tier's headline rate, matching the site's own up-to-$100, $360 and $1,000 monthly figures. Pro and VIP also lift the savings rate from 5% APY (up to $5,000) to 6% APY (up to $15,000 and $50,000), which requires at least one qualifying card transaction per month and is discretionary. GAP: the official pricing page never states what Pro and VIP cost. The Block reports $2,000 of ENA locked or 10 referrals for Pro and $10,000 or 50 referrals for VIP, which is secondary-sourced only and is deliberately not recorded in the tier requirements here. Cashback excludes ATM withdrawals, cash advances, crypto/stablecoin/NFT/securities purchases, gambling, gift cards, P2P transfers, account funding, fees and taxes, and any transaction under $1. Virtual card only at launch, Apple Pay supported, Google Pay listed as coming soon.
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The Ethena Pay Spend Card is a crypto credit card offered by Ethena Pay. It is available in 49 countries (not US/EU/UK at launch) and allows users to spend cryptocurrency at merchants worldwide.
The Ethena Pay Spend Card offers 4-5% AVAX cashback. There are 3 tiers: Standard (4%), Pro (4.5%), VIP (5%).
The Ethena Pay Spend Card has an annual fee of $0. Additional fees: Conversion fee: 0%; FX fee: Visa's fee passed through at cost, typically around 1%; Ethena adds no markup; ATM: $1.00 + 0.65% (ATM operator may add its own surcharge); Top-up: Not published by Ethena; funding fees are set by the on-ramp partner (MoonPay/Iron) and disclosed at the time of the transaction. The Block reports free USD/EUR/GBP bank transfers and 0.05-0.1% on other rails, which Ethena's own pricing page does not confirm; Inactivity: $0.
Supported assets include USDe; top-up methods include Bank transfer / IBAN deposit via MoonPay or Iron, Crypto deposit into the linked collateral wallet; crypto deposits are supported on Ethereum, Polygon, Optimism, Arbitrum.
Yes. The Ethena Pay Spend Card requires full identity verification (KYC): expect to submit a government-issued ID, and often proof of address, before the card is issued.
The Ethena Pay Spend Card is available in 49 countries (not US/EU/UK at launch). It is NOT available in the United States.
The Ethena Pay Spend Card is a true credit card, meaning you can make purchases on credit rather than needing to pre-fund the card with cryptocurrency.
Yes, the Ethena Pay Spend Card is a non-custodial (self-custody) card. This means you retain control of your private keys and your crypto is not held by a third party. Funds are only converted at the point of sale, reducing counterparty risk compared to custodial alternatives.
Yes, the Ethena Pay Spend Card supports Apple Pay for contactless payments.
The Ethena Pay Spend Card is issued by Third National.
Ethena Pay Ltd. states it is not a bank and does not extend credit, accept deposits, hold customer funds or digital assets, or provide custody or safekeeping; balances are held in a self-custodial wallet and are not covered by the FDIC, the FSCS, the Maltese Depositor Compensation Scheme or any investor compensation scheme.
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