Ethena Pay Launches Earn+ Vault on Avalanche
The new feature offers tiered annual percentage yields of up to 6% on user balances via a virtual Visa card.
Updated on Oct. 28, 2026 in Saving
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Ethena Pay has introduced its Earn+ vault feature on the Avalanche blockchain, providing users with tiered annual percentage yields reaching up to 6%. The service, currently in beta, allows users to access spending through a virtual Visa card.
Why it matters
The vault aims to incentivize users to maintain USDe balances by offering higher target yields. Additionally, requiring the locking of ENA tokens serves to generate platform-specific demand for the token in exchange for member perks.
Standard users earn 5% APY on balances up to $5,000, while Pro and VIP tiers offer 6% yields on balances up to $15,000 and $50,000 respectively. Pro and VIP access require locking $2,000 and $10,000 worth of ENA tokens.
The players
Ethena Pay
A financial platform that provides digital asset banking services and yield-generating vault products.
Avalanche
A decentralized, open-source blockchain platform that supports smart contracts and high-speed financial transactions.
The details
The vault pools deposited funds to generate returns directly on the Avalanche blockchain. Early access for the beta version currently includes approximately 400 users across 48 countries.
Timeline
Ethena Pay launched in beta on September 1, 2026.
Market Dynamics
This move reflects a growing trend of integrating decentralized finance yield products into consumer-facing spending tools. It represents a strategic expansion of utility within the broader USDe stablecoin ecosystem.
Users can leverage their holdings to earn competitive yields while managing daily expenses through a virtual Visa card. Participants must account for the liquidity requirements involved in locking ENA tokens to qualify for higher-tier interest rates.
The takeaway
Users looking to participate in tiered yield programs should carefully calculate if the required ENA token lock-up provides sufficient returns compared to other available assets. Maintaining a clear understanding of the platform's liquidity constraints is essential for managing personal digital asset portfolios.
Further reading
Learn more about high-yield accounts in our Saving section.
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