Ethena Pay
A self-custody Visa card that pays cashback in AVAX. No yearly fee.
- Terms checked 27 Sep 2026
- Visa
- Credit
- Self-custody
- Apple Pay
- Free plan
- Earn on your balance
Not offered to people in the US. Pick another country above to see what it pays there.
Not available in the US
Pick a plan
- Highest at this spend
Standard
Free, 4% on the first $2,500, then 1% on the next $1,500, then nothing
$80.00 a month, 4.0%
Pro
Free, 4.5% on the first $8,000, then 2% on the next $2,000, then 1% on the next $2,000, then 0.5%, needs about $2,000 staked
Needs staking at this spend
VIP
Free, 5% on the first $20,000, then 2% on the next $10,000, then 1% on the next $10,000, then 0.5%, needs about $10,000 staked
Needs staking at this spend
What you keep as spend grows
Hover the line to see other amounts.
Show as a table
| Monthly spend | What you keep | Plan |
|---|---|---|
| $250 | 4% | Standard |
| $500 | 4% | Standard |
| $750 | 4% | Standard |
| $1,000 | 4% | Standard |
| $1,500 | 4% | Standard |
| $2,000 | 4% | Standard |
| $2,500 | 4% | Standard |
| $3,000 | 3.5% | Standard |
| $4,000 | 2.88% | Standard |
| $5,000 | 2.3% | Standard |
| $6,000 | 1.92% | Standard |
| $7,500 | 1.53% | Standard |
| $10,000 | 1.15% | Standard |
Every fee
- Yearly fee
- None
- FX fee
- 0% from Ethena Pay; Visa's conversion fee on non-USD spend (about 1%, varies, not capped) is passed through at cost
- Conversion fee
- $0 on USD purchases; late payment up to $40, returned payment up to $29
- Topping up
- Free in digital dollars (USDe); bank onramps via MoonPay / Iron at the rates they disclose; virtual IBAN not yet offered in Australia, Japan, Malaysia, Pakistan and a few others
- ATM withdrawals
- $1 + 0.65% where ATM access is available, plus any operator surcharge (virtual card only for now)
- Card issue
- $0 (virtual card; replacement free)
- Monthly fee
- $0 (no account, inactivity or subscription fee on Standard)
Our own test
We're buying things with crypto cards in AUD, USD, EUR and GBP from October and comparing what each card takes with the mid-market rate. What this card actually charges will show here and in our Q4 report.
Where these numbers come from
Ethena Pay's published terms, checked 27 September 2026. Where sources disagree we use the less generous reading.
- Ethena Pay Spend Card termsTerms
- Ethena Pay terms of use (incl. country terms)Terms
- Ethena Pay pricingFee schedule
- Ethena Pay FAQHelp centre
- Ethena Pay jurisdictionsOfficial site
Our research notes
Verified 2026-09-27 against the official Ethena Pay pricing page (effective 1 Sep 2026), FAQ, jurisdictions page, Terms of Use (last updated 22 Sep 2026, incl. Appendix 1 country terms), Spend Card Terms (effective 1 Jun 2026) and referral terms, plus The Block, crypto.news, Crypto Briefing, Blockhead and SpendNode. HIGH confidence (binding docs): Visa issued by Third National, programme managed by Rain (Signify Holdings), Ethena Pay Ltd (Malta, C 114576) as technology provider; secured card backed by collateral in the user's self-custodial wallet, 0% APR, liquidation if unpaid after 1 day; cashback bands (Standard 4% to $2,500, 1% to $4,000, 0% above; 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), paid in AVAX at the rate on the day of credit, no separate monthly or lifetime cap; exclusions (crypto, gambling, gift cards, P2P, funding, fees, under $1); FX: no Ethena markup but Visa's fee of about 1% is passed through on non-USD spend (modelled as fx.rate 0.01, US free); no per-purchase fee on USD spend (conversionRate 0); ATM $1 + 0.65%; card not for US persons. AUSTRALIA: the app is live there (jurisdictions page, no IBAN yet), but Terms Appendix 1 s5.1 says the Spend Card is not generally available to Australian users unless offered through a local issuer, so AU is left out of availableIn; press listing Australia refers to the app. MEDIUM/LOW confidence: Pro and VIP unlock. Only press (The Block, crypto.news, 1 Sep 2026) gives $2,000 or $10,000 of locked ENA, or 10 or 50 referrals; the official home page says Pro is available via subscription or referrals, and the pricing page says premium tiers are presented at enrolment. Modelled as requiresStake 2000 / 10000 with no fee; if a subscription price is published, add it as a fee. CONFLICTS: balance-boost caps are $100,000 (Pro) and $1,000,000 (VIP) on the official pages vs $15,000 and $50,000 in launch press (official used); country count 48 (jurisdictions page) vs 47 in the Terms table vs 49 to 50 in press; Google Pay 'available soon' on the home page vs 'Google Wallet' in the 3 Sep blog (set false); brand cashback up to 5% (Pro) and 10% (VIP) at Uber, Spotify and Claude appears only in press, not modelled; Spend Card Terms list Ethereum, Polygon, Optimism and Arbitrum as supported chains (Rain template) while the app runs on Avalanche. Status is beta: staged access since 1 Sep, iOS first, US/UK/EU expansion guided for early to mid October. To settle: an in-app check from an Australian account (is the card offered?), the in-app Pro/VIP enrolment screen (ENA lock, referral count or subscription price), and Google Pay / Android release. AVAX price risk is not modelled.
What's good and what to watch
Good
- 4% back on the first $2,500 a month on the free Standard tier
- No issuance, monthly or subscription fee, and no Ethena Pay FX markup
- Self-custodial: the card is secured by assets in your own wallet
- USDe balances earn up to 5% to 6% a year, paid daily, with one card purchase a month
- No overall monthly cap on cashback; rates step down by band instead
- Apple Pay supported
Watch
- Cashback is paid in AVAX, so its dollar value moves with the market
- Standard pays 1% from $2,500 to $4,000 and nothing above $4,000 a month
- Visa's conversion fee (about 1%) applies to any non-USD spend
- Not available in the US, EU, UK or Canada, and the terms say the card is not generally available in Australia
- Pro and VIP unlock terms are not published officially; press reports a $2,000 or $10,000 ENA lock, or 10 or 50 referrals
- Early beta: virtual card only, Google Pay not live yet, access opening in stages
- The balance rate is a discretionary promotion paid in USDe, a synthetic dollar, not a bank deposit
At a glance
- Network
- Visa
- Custody
- self-custodial
- Card type
- credit
- Form
- virtual
- Mobile wallets
- ✓ Apple Pay✕ Google Pay
- Chains
- Avalanche
- Tokens
- USDeAVAX
- Availability
- 48 countries on the official list: 17 in Latin America, 12 in the Caribbean, 8 in Asia and the Middle East (Hong Kong, Japan, Malaysia, Pakistan, Philippines, Singapore, Thailand, UAE), 9 in Africa, plus Australia and New Zealand
- KYC
- Required (Sumsub identity verification); 18+
- Funding
- USDe / digital-dollar deposit (free)Local-currency and USD bank onramp via MoonPay / IronFree transfers from other Ethena Pay users
- Spending limit
- Dynamic: set by Ethena Pay from the value of your collateral; the issuer may add per-card limits (no fixed figure published)
- ATM limit
- Only where your card, device and country allow; $1 + 0.65% per withdrawal; no limit published
Perks and benefits
- Offers & creditsReported at launch: Pro up to 5% and VIP up to 10% back at selected brands such as Uber and Spotify; not on the official pricing page
- Idle-balance yieldBalances earn up to 5% a year on the first $5,000 (Standard), or 6% up to $100,000 (Pro) or $1,000,000 (VIP), paid daily in USDe; needs one card purchase a month; promotional, not guaranteed
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General information only. These figures are calculated from the spend you enter and the card terms we've collected. We haven't considered your objectives, financial situation or needs, and this isn't a recommendation. Consider whether a card suits you and read the provider's terms before applying. Figures are estimates; terms change; crypto is volatile.
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