Ethena Pay
Ethena Pay is a free virtual Visa card for people outside the US, backed by collateral in your own wallet. The Standard plan pays 4% in AVAX on the first $2,500 a month, the highest entry-level rate in this catalog, and there is no account, card or FX markup fee.
- Visa
- Apple Pay
- No Google Pay
- KYC required
- Virtual card
- Self-custody
Good
- 4% cashback on the first $2,500 a month on the free Standard plan
- No account, card, inactivity or FX markup fees
- Self-custody collateral; the virtual card is issued in under a minute
- Daily Boost: up to 5 to 6% a year on USDe balances
Watch out
- Cashback is paid in AVAX, not a stablecoin
- Not for US persons; 47 countries, mostly Latin America, Asia and Africa
- Google Pay not yet supported; physical card not described
- Pro and VIP prices are not published
Key facts
- Card price
- Freevirtual
- Cashback
- 4%on the first $2,500 a month
- Annual fee
- Free
- Top-up fee
- Free
- FX fee
- About 1% (Visa cost, no markup)
Rewards
| Cashback | 4% on the first $2,500 a month, in AVAX |
|---|---|
| Paid in | AVAX |
| Monthly bands (entry plan) | 4% up to $2,500; 1% up to $4,000; 0% above $4,000 |
| Payout | Paid in AVAX once a day after settlement, usually within days and no later than 30 days; clawed back on refunds and disputes. |
| Referral | $30 in AVAX per referral (limits apply). |
Conditions
- Pro: 4.5% to $8,000, 2% to $10,000, 1% to $12,000, 0.5% above
- VIP: 5% to $20,000, 2% to $30,000, 1% to $40,000, 0.5% above
- Bands reset each calendar month; promotions may replace the standard rate
No cashback on
- Cash and ATM
- Crypto, NFTs and securities
- Gambling
- Gift cards and P2P
- Account funding, fees and taxes
- Transactions under $1
Perks
- Daily Boost in USDe: 5% a year on up to $5,000 (Standard), 6% up to $100,000 (Pro), 6% up to $1,000,000 (VIP); needs at least one card purchase a month, optional and may drop to zero
Fees, limits and card details
| Virtual card | Free |
|---|---|
| Monthly fee | Free |
| Annual fee | Free |
| Per purchase | Free |
| Foreign currency (FX) | About 1% (Visa cost, no markup)A guide, not a cap |
| Top-up | FreeOnly third-party costs: gas, MoonPay or Iron |
| ATM withdrawal | $1 + 0.65%Where available, plus operator fees |
| Withdrawal | FreeOnly third-party costs |
| Late payment | Up to $40 |
| Returned payment | Up to $29 |
- No fees for opening, maintenance, inactivity, closure, card issue, replacement or statements. Late and returned payment fees come from the credit terms and probably do not apply to a collateral card.
Limits
- Your limit equals the value of your collateral.
| Provider | Ethena Pay Ltd, with Rain (programme) and Third National (issuer) |
|---|---|
| Network | Visa |
| Card type | Secured creditYour spending limit equals the USD value of your collateral on a supported network. |
| Custody | Self-custodyBalances are records, not deposits; collateral stays in your wallet. |
| Formats | Virtual cardThe card terms mention physical or virtual cards; a physical card is not offered on the site. |
| Currencies | USD |
| Issuer | Third National |
| Programme manager | Rain (Signify Holdings) |
| Regulation | Agreement governed by Maltese law; Ethena Pay is not licensed in most listed countries |
| Wallets | Apple Pay: Yes; Google Pay: NoGoogle Pay is coming. |
| Required | KYC required |
|---|---|
| Verification provider | Sumsub |
| What you provide | Photo ID; Liveness check; Possibly proof of address, source of funds and tax details |
- Login and embedded wallet through Privy.
- 18 or older, one account per person, personal use only, no US persons.
Availability
Available (47)
Argentina, Australia, Bahamas, Barbados, Belize, Bolivia, Brazil, Cayman Islands, Colombia, Costa Rica, Côte d’Ivoire, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Ghana, Grenada, Guatemala, Guyana, Honduras, Hong Kong, Japan, Kenya, Malaysia, Mexico, Morocco, New Zealand, Pakistan, Panama, Paraguay, Peru, Philippines, Senegal, Singapore, South Africa, St. Kitts & Nevis, St. Lucia, St. Vincent & Grenadines, Suriname, Thailand, Trinidad & Tobago, Turks & Caicos Islands, Uganda, United Arab Emirates, Uruguay, Zambia
Not available
United States. US persons are excluded..
Provider's claim: 48 countries (DefiLlama).
Coming: the EU, Canada, Taiwan, Korea, China and others.
The terms page was cut off after Suriname, so the list may be incomplete.
Prohibited include Afghanistan, Belarus, Cuba, Iran, Lebanon, Russia, Syria, Venezuela and Zimbabwe, among others.
Supported cryptocurrencies
Supported networks
- Ethereum
- Polygon
- Optimism
- Arbitrum
Bank and card top-ups
Bank transfer, Card, ACH, Wire, Local rails via MoonPay or Iron.
- Supported collateral coins are not listed. Outgoing wires are not available yet.
Plans
| Standardrated planFree | ProSubscription or referral (price shown at checkout) | VIPPrice shown at checkout | |
|---|---|---|---|
| Cashback (first band) | 4% to $2,500 | 4.5% to $8,000 | 5% to $20,000 |
| Daily Boost (USDe, yearly) | 5% up to $5,000 | 6% up to $100,000 | 6% up to $1,000,000 |
Standardrated plan
Free
- Cashback (first band)
- 4% to $2,500
- Daily Boost (USDe, yearly)
- 5% up to $5,000
Pro
Subscription or referral (price shown at checkout)
- Cashback (first band)
- 4.5% to $8,000
- Daily Boost (USDe, yearly)
- 6% up to $100,000
VIP
Price shown at checkout
- Cashback (first band)
- 5% to $20,000
- Daily Boost (USDe, yearly)
- 6% up to $1,000,000
Community review
App Store
5.0 out of 5 from 6 ratings
App: Ethena Pay Fewer than 20 ratings: shown, not scored.
Our rating
7.1 out of 10
| Criterion | Weight | Score | Points |
|---|---|---|---|
| Fees | 28% | 9.4 | 2.63 |
| Cheapest card$0 | 20% | 10.0 | |
| Yearly cost$0 | 20% | 10.0 | |
| Top-up cost0% | 20% | 10.0 | |
| Cost per purchase0% | 15% | 10.0 | |
| FX cost1% | 15% | 6.0 | |
| ATM cost1.15% | 10% | 10.0 | |
| Rewards | 18% | 8.8 | 1.58 |
| Cashback at $1,000 a month4% | 75% | 10.0 | |
| Reward currencyAVAX | 15% | 5.0 | |
| Perks1 | 10% | 5.0 | |
| Availability | 14% | 5.4 | 0.76 |
| Countries47 countries | 70% | 5.5 | |
| Apple Pay and Google Pay5 of 10 | 30% | 5.0 | |
| Limits | 7% | 2.0 | 0.14 |
| Spending capacity a dayUnknown | 70% | 2.0 | |
| Cash a dayUnknown | 30% | 2.0 | |
| Custody | 7% | 10.0 | 0.70 |
| Track record | 7% | 6.0 | 0.42 |
| AgeUnknown | 50% | 2.0 | |
| IssuerNamed | 30% | 10.0 | |
| IncidentsNone | 20% | 10.0 | |
| Data completeness | 6% | 7.5 | 0.45 |
| KYC and privacy | 5% | 4.0 | 0.20 |
| Networks and coins | 5% | 2.5 | 0.13 |
| Networks4 | 50% | 2.9 | |
| CoinsUnknown | 50% | 2.0 | |
| App ratings | 3% | 2.0 | 0.06 |
| Total | 100% | 7.07 = 7.1 |
Each criterion is scored 0 to 10, rounded to 0.1, then multiplied by its weight. Unknown values score 2.
How to get the card
- Sign up at pay.ethena.fi with Privy and pass the Sumsub check.
- Deposit collateral to your wallet on Ethereum, Polygon, Optimism or Arbitrum.
- Get the virtual card in under a minute and add it to Apple Pay.
Questions
How much does the Ethena Pay card cost?
Getting a Ethena Pay card is free. Annual fee: Free. Top-up fee: Free.
Does Ethena Pay pay cashback?
4% on the first $2,500 a month, in AVAX. At $1,000 of spend a month on the entry plan that works out to about 4%. Paid in AVAX once a day after settlement, usually within days and no later than 30 days; clawed back on refunds and disputes.
Does Ethena Pay require KYC?
Yes, Ethena Pay requires identity verification before you get the card through Sumsub. Login and embedded wallet through Privy.
Is Ethena Pay available in the US?
No, Ethena Pay is not available to US residents. US persons are excluded.
Can I add Ethena Pay to Apple Pay or Google Pay?
Yes, Ethena Pay works with Apple Pay. Google Pay is not supported. Google Pay is coming.
Which coins and networks can I use to top up Ethena Pay?
Networks: Ethereum, Polygon, Optimism, Arbitrum.
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Before you order
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This page is not financial advice. Terms change often; check fees, limits and availability with the provider before you order.
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Sources
- Apple App Store listing
- Official website, pricing and card terms
- DefiLlama
- PaymentScan
Figures are taken from these sources in this order of priority: the provider's own pages, then DefiLlama, then other reviews, then Telegram reports.