Key highlights:

  • ENA surged 8.6% on Ethena Pay's launch, a self-custodial neobank on Avalanche offering USDe payments, IBAN, Visa card, 6% annual yield, and AVAX cashback
  • Ethena proposed directing 95% of net revenue to programmatic ENA buybacks tied to USDe supply milestones
  • ENA is up 98.8% over 14 days, holding above $0.1655 support with targets at $0.20 and $0.31, though active addresses fell from 2,800 to 1,400, signaling a narrow rally

Ethena’s ENA token has surged in recent weeks as the stablecoin issuer expands beyond its core dollar product with the launch of Ethena Pay, a new self-custodial money app built on Avalanche.

ENA was trading around $0.1623, up 8.7% at the time of reporting, and gained 9.3% over the previous 24 hours and 9.1% over seven days, while its recent recovery has been much stronger over longer periods. 

 

The token’s current price remains well below its all-time high of $1.52, but it is more than double its all-time low of $0.07023.

The latest surge comes as Ethena introduces Ethena Pay, positioning the product as an internet-focused alternative to traditional banking apps. Reportedly, the service allows users to send, save, and spend money across borders through a phone while keeping their assets in a self-custodial wallet.

Ethena Pay brings USDe to everyday payments across 49 countries

Ethena Pay is built on Avalanche, which Ethena has selected as the product’s exclusive settlement layer. The company cited Avalanche’s low transaction costs, fast finality, and infrastructure as key factors for handling payments and transfers at scale.

According to the announcement, the app is being rolled out gradually and is currently available in 49 countries across Latin America, the Caribbean, Asia, the Middle East, Africa, and Oceania; however, not to the US and EU. 

At the center of Ethena Pay is USDe, Ethena’s synthetic dollar, which users can hold as a dollar-denominated balance, receive through bank transfers or crypto, and send to external bank accounts. Notably, withdrawals will be settled in the recipient’s local currency.

As announced, the platform also offers IBAN functionality and allows users to transfer funds to other Ethena Pay users through usernames or tags. USD, EUR, and GBP bank transfers are advertised as free, while some other transfers may incur fees, while also offering a Visa payment card.

Ethena is also offering incentives to drive adoption, with savings rates of up to 6% annually, paid daily. Also, cardholders can earn cashback in AVAX, with rates ranging from 4% for Standard users to 5% for VIP users, depending on spending limits.

The launch gives Ethena another avenue to expand USDe’s use beyond crypto trading and decentralized finance, bringing the synthetic dollar into everyday payments and financial transactions.

A new era for ENA? Ethena bets revenue on buybacks and equity perps 

Ethena is also reshaping the economics of its ENA token as it seeks new growth opportunities for its stablecoin business.

In an August 27 update, the Ethena Foundation said it had bought out locked ENA tokens from certain major seed investors who had sold tokens over the previous nine months. It also accelerated remaining investor unlocks, while team tokens will continue under existing vesting schedules.

For ENA holders, the biggest change is a proposed fee switch that would direct 95% of net revenue from Ethena’s business lines toward programmatic ENA buybacks, with the remaining 5% allocated to growth. The buybacks would scale alongside USDe supply milestones.

The changes come as Ethena explores new revenue sources amid weaker crypto funding rates. USDe supply currently stands at about $4 billion, down from a peak of roughly $15 billion in September 2025.

ENA price holds breakout as bulls target $0.20 and $0.31

Ethena’s ENA was up 98.8% over 14 days and 85.6% over 30 days, although it remained 74.1% below its level a year earlier.

Its price is showing renewed bullish momentum after breaking above a major descending trendline that had capped the token for months. 

ENA is trading around $0.166 and continues to hold the key $0.1655 Fibonacci level, giving buyers a stronger technical footing.

Ethena crypto price analysis

Source: TradingView

The broader setup has also improved, with ENA trading well above its 100-day SMA near $0.092. A sustained move above the current resistance could open the door toward $0.18 and the psychological $0.20 level. If both levels are reclaimed, the next major target comes near $0.31.

Meanwhile, active addresses rose to about 2,800 as ENA approached $0.17 but have since fallen toward 1,400, suggesting the rally may be driven by a smaller group of participants.

For now, bulls retain control while ENA holds above $0.1655. A breakdown could instead expose support around $0.14 and $0.12.