Crypto-backed Visa credit card
Ethena Pay Card is an application-gated virtual Visa secured by assets in linked wallets; Standard has no monthly fee and starts at 4% AVAX cashback on qualifying spend. Daily Boost displays a 5% to 6% total rate, requires monthly card activity and remains a discretionary reward rather than insured yield.
Main strengths
Main trade-offs
01 · Core economics
Ethena Pay Card has a $0 recurring entry cost. Funding, conversion, FX and cash-access charges are shown separately below.
02 · Plans & rewards
Ethena Pay Card keeps the reward range visible above while the membership cards below preserve each tier's fee, card design, rewards, limits and other tier-specific differences.
Lowest current purchase reward rate
Conditional: not the automatic rate
AVAX
Current monthly cashback-value cap across tiers
03 · Everyday use
See the available card formats, phone wallets and account rails, plus any channels that are still being confirmed.
04 · Money in and out
The card uses the provider account balance. Account funding and withdrawal routes are included only when they feed that same card-linked account; they are not presented as direct card top-ups.
No approved rails are mapped for this direction.
Funding and settlement cross wallet and provider-controlled account boundaries.
No direct fiat-deposit rail is approved.
1 route
Via provider account
Supported external wallets and networks
Not publicly confirmed
1 route
Via provider account
Transfers between Ethena Pay users
Not publicly confirmed
Internal user-to-user route under current Ethena Pay terms.
1 route
Via provider account
Product-level claim; rail and countries unknown
Unknown
Not publicly confirmed
A bank-withdrawal claim is approved, while outbound wire is unavailable and no alternative rail is identified publicly.
05 · Balance yield
The eligible balance can earn a variable rate while remaining available for card spend and transfers.
Up to 5%-6% APY
06 · Trust and eligibility
See current signup reach, identity checks and the organisations behind the card.
Identity verification is required to access card services.
These entries are regional guidance rather than a complete signup list. A missing country is not treated as unavailable; confirm eligibility during signup.
The named organisations and their current roles are listed below.
Provides the product and account experience. Named legal operators appear separately.
Retains control of funds until payment.
Hybrid custodyIssues the card for the applicable programme.
Jurisdiction: Puerto Rico · Applies to: Reviewed Spend Card agreement; independent confirmation remains pending.Programme management and third-party collateral liquidation.
Runs identity verification for the applicable programme.
07 · Methodology
The score combines practical costs, rewards, daily usability, funding and transfers, eligibility, custody, and the provider stack.
Missing or undisclosed fields receive no positive credit.
Higher is better
No monthly fee, 0% FX fee and 0% conversion fee shape the day-to-day cost profile.
Named programme infrastructure includes Third National (issuer), Signify Holdings, Inc. d/b/a Rain (processing) and Visa (network).
Application-gated limited card rollout. The public 48-country service list is not a complete Spend Card allowlist; kyc is required.
08 · Offers & news
Bonuses, promotions and product updates for Ethena Pay Card.
Pro's eligible balance cap is now $100,000 and VIP's $1 million. Current card terms also clarify Visa conversion fees and conditional ATM pricing.
Ethena has brought its synthetic-dollar infrastructure into a virtual Visa card with no Standard plan fee, no provider FX markup, marginal AVAX cashback and a separate conditional Daily Boost on eligible balances.
Ethena Pay offers 100% crypto cashback on one qualifying Grab ride, capped at $50, from October 5 until 00:00 on October 12, UTC+8. All card tiers can qualify while the promotion budget remains.
09 · Card comparison
A side-by-side look at cards built around stablecoin funding, everyday Visa access and money movement.
Users control linked wallet keys, but third-party liquidation rights still apply.
Compare up to four cards in detail across fees, rewards, everyday use, money movement, custody and more.
10 · Evidence
We check every published fact and value against official product, fee, membership and legal information covering costs, eligibility, rewards and custody.
Help keep this page accurate
Tell us what changed and, if possible, include an official source. We review corrections before updating public card facts.
