Main strengths
- Standard pays 4% AVAX on the first USD 2,500 of qualifying monthly spend.
- The schedule lists USD 0 monthly and a 0% Ethena Pay FX markup for Standard.
- Users control linked wallet keys, but third-party liquidation rights still apply.
Ethena Visa Platinum cardPremium card design
Crypto-backed Visa credit card
Ethena Pay 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.
High cashbackNo FXNo CEXTiered rewardsCrypto-nativeFree base plan
Main trade-offs
- The iOS rollout accepts applications, but its card-country list is not public.
- Unpaid obligations can trigger liquidation after one day or a shortfall.
- We treat the USDe step as provider-managed; Ethena confirmation is pending.
01 · Core economics
Costs that matter
Ethena Pay Card has a $0 recurring entry cost. Funding, conversion, FX and cash-access charges are shown separately below.
ItemStandard tierWhat it means
Annual plan$0Competitive entry price
Provider FX markup0%Compare the FX fee with the cashback rate before using it abroad.
Asset conversion fee0%No separate asset-conversion fee is listed for card spending.
Card spending0%No listed base spend fee
Limits and secondary feesLimits and other fees
Declined transactionNot disclosedNot disclosed
Daily card spendNot disclosedListed
Monthly card spendNot disclosedListed
ATM limit$0/withdrawalListed
Account depositNot disclosedListed
Cash fundingNot disclosedListed
ATM withdrawalNot availableListed
02 · Plans & rewards
Choose the plan and the rewards together
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
Memberships
03 · Everyday use
How the card fits everyday use
See the available card formats, phone wallets and account rails, plus any channels that are still being confirmed.
Card access
- Visa networkAvailable
- Virtual cardAvailable
- Physical cardNot disclosed
- ATM withdrawalsNo ATM access
Wallets & apps
- Apple PayAvailable
- Google PayNot offered
- iOS appAvailable
- Android appNot disclosed
- Web appAvailable
Account rails
- Crypto depositsNot confirmed
- Bank depositsNot confirmed
- Crypto withdrawalsVia provider account
- Fiat withdrawalsRegion-dependent
- Direct card top-upsNot supported
04 · Money in and out
How money enters, settles and leaves Ethena Pay
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.
Money inWays to fund or receive0 routes
Not publicly confirmed
No approved rails are mapped for this direction.
Balance & conversionHybrid settlement
Funding and settlement cross wallet and provider-controlled account boundaries.
What happens on receipt
No direct fiat-deposit rail is approved.
Money outWays to send, withdraw or settle3 routes
External crypto sends
1 route
External wallet transferSends supported assets through the listed crypto transfer route.Supported crypto assetsFeeNot confirmedSpeedNetwork-dependentLimitsNot confirmedAvailabilityConfirmed scopeDetails
Fee components
- Fee not publicly confirmed
Access path
Via provider account
Availability
Supported external wallets and networks
Limit scope
Not publicly confirmed
Internal transfers
1 route
Ethena Pay user transferInternal user-to-user route under current Ethena Pay terms.Supported Ethena Pay assetsFee0%SpeedVaries by railLimitsNot confirmedAvailabilityConfirmed scopeDetails
Fee components
- 0% · transfer
Access path
Via provider account
Availability
Transfers between Ethena Pay users
Limit scope
Not publicly confirmed
Restrictions
Internal user-to-user route under current Ethena Pay terms.
Bank transfers & payouts
1 route
Bank withdrawalA bank-withdrawal claim is approved, while outbound wire is unavailable and no alternative rail is identified publicly.FeeNot confirmedSpeedNot confirmedLimitsNot confirmedAvailabilityNot confirmedDetails
Fee components
- Fee not publicly confirmed
Access path
Via provider account
Availability
Product-level claim; rail and countries unknown
Fee scope
Unknown
Limit scope
Not publicly confirmed
Restrictions
A bank-withdrawal claim is approved, while outbound wire is unavailable and no alternative rail is identified publicly.
05 · Balance yield
Earn on the spendable balance
The eligible balance can earn a variable rate while remaining available for card spend and transfers.
Spendable yield
Daily Boost
Up to 5%-6% APY
- Yield source
- Ethena Pay discretionary boost plus a provider-managed underlying USDe reward-bearing step
- Protocols
- Ethena
- Strategy manager
- Ethena Pay
- Assets
- USDe, AVAX, other eligible assets not fully listed
- Card relationship
- Yield balance can fund card spend
- Withdraw anytime
- Not confirmed
- Deposit insurance
- No
Risk noteVariable APY, custody, smart-contract, liquidity, protocol, counterparty and market risks may apply. Treat Earn/vault balances as separate yield exposure; access to funds depends on the provider's current withdrawal, card and collateral rules.
06 · Trust and eligibility
Where Ethena Pay is available and who supports the card
See current signup reach, identity checks and the organisations behind the card.
Identity & KYC
Identity verification is required to access card services.
- Verification provider
- Sumsub
Availability
These entries are regional guidance rather than a complete signup list. A missing country is not treated as unavailable; confirm eligibility during signup.
- Explicit restrictions
- 23 countriesThese reviewed jurisdiction records are hard exclusions; locations outside the list still require the normal signup and identity checks.
Countries listed as regional guidance49 countries
Antigua and BarbudaArgentinaAustraliaBahamasBangladeshBarbadosBelizeBoliviaBrazilCayman IslandsColombiaCosta RicaCote d'IvoireDominicaDominican RepublicEcuadorEgyptEl SalvadorGhanaGrenadaGuatemalaGuyanaHondurasHong KongJapanKenyaMalaysiaMexicoMoroccoNew ZealandPakistanPanamaParaguayPeruPhilippinesSaint Kitts and NevisSaint LuciaSaint Vincent and the GrenadinesSenegalSingaporeSouth AfricaSurinameThailandTrinidad and TobagoTurks and Caicos IslandsUgandaUnited Arab EmiratesUruguayZambia
Explicit restriction list23 countries
AfghanistanBelarusBurundiCentral African RepublicCongo, Democratic Republic of theCubaEthiopiaIranLebanonLibyaMaliMyanmarNicaraguaNorth KoreaRussiaSomaliaSouth SudanSudanSyriaUnited StatesVenezuelaYemenZimbabwe
Who handles what
The named organisations and their current roles are listed below.
RoleHandled byResponsibility and scope
Card productEthena Pay
Provides the product and account experience. Named legal operators appear separately.
Custody controlCardholder
Retains control of funds until payment.
Hybrid custodyCard issuerThird National
Issues the card for the applicable programme.
Jurisdiction: Puerto Rico · Applies to: Reviewed Spend Card agreement; independent confirmation remains pending.Card processingSignify Holdings, Inc. d/b/a Rain
Programme management and third-party collateral liquidation.
Identity verificationSumsub
Runs identity verification for the applicable programme.
07 · Methodology
Why the score is 86
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.
86/100
StrongHigher is better
Key score driversLargest effects after applying the Overall category weights
Strongest lift88
Cost efficiency
No monthly fee, 0% FX fee and 0% conversion fee shape the day-to-day cost profile.
Additional support93
Company & infrastructure
Named programme infrastructure includes Third National (issuer), Signify Holdings, Inc. d/b/a Rain (processing) and Visa (network).
Main constraint49
Availability & eligibility
The Spend Card is in an application-gated limited rollout. The 49-country page is a complete service-rollout list, not a complete card allowlist; explicit card and jurisdiction prohibitions remain strict negatives; kyc is required.
08 · Evidence
Sources
12 sources12 officialChecked Sep 1, 2026
We check every published fact and value against official product, fee, membership and legal information covering costs, eligibility, rewards and custody.
Primary sourcesOfficial product, fee, membership and legal pages
09 · Card comparison
How Ethena Pay Card compares to others
A side-by-side look at cards built around stablecoin funding, everyday Visa access and money movement.
1 / 3
Current card
Ethena Pay Card
Users control linked wallet keys, but third-party liquidation rights still apply.
- Card
- Credit line Visa, Virtual only
- Funds control
- Hybrid custody
- Cashback
- 4%–5%
- FX fee
- 0% Ethena Pay markup; Visa rate applies
- Apps
- iOS, Web app · Android not confirmed
- Stablecoin set
- USDe
- Transfers & payouts
- Crypto, Bank + Internal transfers
Similar match
Users keep private keys; card charges follow a separate regional account model.
- Card
- Credit line Visa, Virtual only
- Funds control
- Self-controlled wallet
- Cashback
- 0%–100%
- FX fee
- 1–3%
- Apps
- iOS, Android · Web app not confirmed
- Stablecoin set
- USDC
- Transfers & payouts
- Crypto transfers
- Card
- Credit line Visa, Virtual + Physical
- Funds control
- Hybrid custody
- Cashback
- 0%–5%
- FX fee
- Up to 1%
- Apps
- iOS, Android · Web app not confirmed
- Stablecoin set
- USDT + USDT0
- Transfers & payouts
- Crypto + Bank transfers
Want a deeper comparison?
Compare up to four cards in detail across fees, rewards, everyday use, money movement, custody and more.
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