Ethena PayEthena Pay
86
Side-by-side card comparison
Ethena Pay vs Xapo: overall score versus use-case fit
Ethena Pay Card has the higher Overall Score by 16 points (86 vs 70). Ethena Pay Card looks stronger for Cashback, Funds control, and Lowest fees, while Xapo Card comes out ahead for Travel and Transfers.
Information checked Sep 1, 202633 official sources reviewed
01 · Overall score versus use-case fit
Ethena Pay Card is the better all-round starting point
Ethena Pay Card has the higher Overall Score in this comparison. Xapo Card may be the better fit for Travel and Transfers. A score cannot tell you whether a provider will accept your application or whether every feature will be available where you live, so check the latest provider terms before signing up.
OverallEthena Pay86Xapo70Higher score
CashbackEthena Pay89Xapo24Higher score
TravelEthena Pay64Xapo91Higher score
Funds controlEthena Pay86Xapo63Higher score
Lowest feesEthena Pay87Xapo77Higher score
TransfersEthena Pay82Xapo100Higher score
Choose Ethena Pay Card if cashback and funds control matter most
Ethena Pay Card comes out ahead for Cashback, Funds control, and Lowest fees in this comparison. It is worth a closer look if those are the parts of a card you expect to use most.
- Strong Standard cashback bands
- No Standard monthly fee or FX markup
- Collateral stays in linked wallets
Choose Xapo Card if travel and transfers matter most
Xapo Card comes out ahead for Travel and Transfers in this comparison. It is worth a closer look if those are the parts of a card you expect to use most.
- No Xapo FX markup
- Account-backed bank and crypto rails
Where each card has the edge
The overall leader does not win every use case, so the reason you want the card matters here.
- Overall Score
- Ethena Pay86Xapo70
Ethena Pay Card has the higher Overall Score by 16 points.
- Entry cost & FX
- Ethena Pay$0 plan · 0% Ethena Pay markup; Visa rate applies FXXapo$1,000/year plan · 0–0.29% FX
Ethena Pay Card has the lower starting plan cost ($0 vs $1,000/year).
- Purchase rewards
- Ethena Pay4% base · up to 5%Xapo0% base · up to 3%
Ethena Pay Card has the higher published base cashback rate (4% vs 0%).
- Funds control
- Ethena PayHybrid custodyXapoCustodial balance
Ethena Pay Card uses a hybrid custody setup, while Xapo Card uses a custodial balance setup. Neither approach is always better, so choose the level of control you are comfortable with.
- Everyday access
- Ethena PayVirtual · Apple PayXapoVirtual + Physical · Unknown
Both cards list the same number of card formats and phone-wallet options.
- Money movement
- Ethena Pay1 stablecoin · Stablecoin transfers; Ethena Pay user transfer; Bank withdrawalXapo2 stablecoins · Stablecoin transfers; SWIFT payout, SEPA payout, Faster Payments payout, ACH payout
Xapo Card lists more stablecoins and ways to send money out (8 vs 4).
02 · Read the shortlist
A closer look at the split decision
Start with the strengths that drive each use-case result, then test them against costs and access.
- Cashback
- 4%-5%
- Plan cost
- $0
- FX fee
- 0% Ethena Pay markup; Visa rate applies
- ATM fee
- Not available
- Card formats
- Virtual
- Wallet payments
- Apple Pay
- Receive methods
- 0 crypto · 0 fiat
- Payout methods
- 1 crypto · 0 fiat
- Cashback
- 0%-3%
- Plan cost
- $1,000/year
- FX fee
- 0–0.29%
- ATM fee
- 0–2%
- Card formats
- Virtual, Physical
- Wallet payments
- Not disclosed
- Receive methods
- 3 crypto · 4 fiat
- Payout methods
- 3 crypto · 3 fiat
03 · Compare the details
See how the trade-offs line up
Comparable figures receive a marker; missing or unverified details stay visible instead of becoming an assumed advantage.
Best known Not disclosed
CardsEthena Pay CardOverall86Xapo CardOverall70
Ethena Pay CardOverall86Xapo CardOverall70Scores
6 fields- Overall Score
- Ethena Pay Card86Xapo Card70
- Cashback score
- Ethena Pay Card89Xapo Card24
- Travel score
- Ethena Pay Card64Xapo Card91
- Funds control score
- Ethena Pay Card86Xapo Card63
- Lowest fees score
- Ethena Pay Card87Xapo Card77
- Transfers score
- Ethena Pay Card82Xapo Card100
Strengths & trade-offs
2 fields- Strengths
- Ethena Pay CardStrong Standard cashback bands, No Standard monthly fee or FX markupXapo CardNo Xapo FX markup, Account-backed bank and crypto rails
- Trade-offs
- Ethena Pay CardCard access is still application-gated, One-day payment grace adds liquidation riskXapo Card$1,000 annual membership, Cashback is temporary and capped ambiguously
Costs
7 fields- Plan cost
- Ethena Pay Card$0Xapo Card$1,000/year
- FX fee
- Ethena Pay Card0% Ethena Pay markup; Visa rate appliesXapo Card0–0.29%
- Top-up fee
- Ethena Pay CardProvider collateral-funding fee unknown; external network gas is separateXapo CardNo direct card top-up; the Xapo Account balance funds card spending
- Card spending fee
- Ethena Pay Card0%Xapo Card0%
- ATM fee
- Ethena Pay CardNot availableXapo Card0–2%
- Virtual card
- Ethena Pay CardUSD 0Xapo Card$0 in the Visa Europe programme; outside-Europe pricing not disclosed
- Physical card
- Ethena Pay CardNot disclosedXapo Card$0 for Metal; $0 for standard physical Visa Europe; other standard pricing not disclosed
Plans
2 fields- Available plans
- Ethena Pay Card3 plans: Standard, Pro, VIPXapo Card1 plans: Xapo Bank membership
- Top cashback plan
- Ethena Pay CardVIP: 5%Xapo CardXapo Bank membership: 0%
Everyday use
8 fields- Network
- Ethena Pay CardVisaXapo CardVisa/Mastercard
- Card formats
- Ethena Pay CardVirtualXapo CardVirtual, Physical
- ATM withdrawals
- Ethena Pay CardNot availableXapo CardAvailable
- Mobile wallets
- Ethena Pay CardApple PayXapo CardNot disclosed
- Apps
- Ethena Pay CardiOS, WebXapo CardiOS, Android
- Daily spending limit
- Ethena Pay CardDynamic, based on collateral market valueXapo Card$50,000 daily for point-of-sale and online purchases
- Monthly spending limit
- Ethena Pay CardDynamic, based on collateral market valueXapo Card$250,000 monthly under the Visa Europe programme
- ATM limit
- Ethena Pay CardNot availableXapo Card$2,000 daily; Visa Europe also lists $15,000 monthly
Funding & transfers
5 fields- Networks
- Ethena Pay CardEthereum, Polygon, Optimism, ArbitrumXapo CardBitcoin, Lightning, Ethereum, Tron, Solana
- Crypto deposits
- Ethena Pay CardNot disclosedXapo CardStablecoins: USDC, USDT; Other crypto: BTC
- Fiat deposits
- Ethena Pay CardNot disclosedXapo CardSWIFT receive, ACH receive, SEPA receive, Faster Payments receive
- Transfers
- Ethena Pay CardStablecoin transfers; Ethena Pay user transfer; Bank withdrawalXapo CardStablecoin transfers; SWIFT payout, SEPA payout, Faster Payments payout, ACH payout
- Payout currencies
- Ethena Pay CardNot disclosedXapo CardUSD, GBP, EUR
Rewards
3 fields- Base cashback
- Ethena Pay Card4%Xapo Card0%
- Max cashback
- Ethena Pay Card5%Xapo Card3%
- Reward currency
- Ethena Pay CardAVAXXapo CardBTC
Earn
5 fields- Advertised APY
- Ethena Pay CardUp to 6% APYXapo CardUp to 3.35% APY
- How it works
- Ethena Pay CardEarn on spending balanceXapo CardEarn on spending balance
- Separate deposit
- Ethena Pay CardNoXapo CardNo
- Use balance for spending
- Ethena Pay CardYesXapo CardYes
- Lock-up
- Ethena Pay CardNoXapo CardNo
Trust & availability
6 fields- Custody
- Ethena Pay CardHybrid custodyXapo CardCustodial
- Control until payment
- Ethena Pay CardYou keep controlXapo CardProvider controls funds
- Card issuer
- Ethena Pay CardThird NationalXapo CardTransact Payments Malta Limited
- Card processing
- Ethena Pay CardSignify Holdings, Inc. d/b/a RainXapo CardNot disclosed
- Bank transfers
- Ethena Pay CardNot disclosedXapo CardXapo Bank Limited
- Identity verification
- Ethena Pay CardSumsubXapo CardNot disclosed
Sources
2 fields- Official sources
- Ethena Pay Card12Xapo Card21
- Last reviewed
- Ethena Pay CardSep 1, 2026Xapo CardSep 1, 2026
04 · The trade-off
Ethena Pay Card is the stronger all-round choice
Ethena Pay Card finishes ahead with an Overall Score of 86 versus 70 for Xapo Card. Ethena Pay Card has the lower starting plan cost ($0 vs $1,000/year). Ethena Pay Card has the higher published base cashback rate (4% vs 0%).
Xapo Card still comes out ahead for Travel and Transfers, which may matter more than the overall result if that is how you plan to use the card. Ethena Pay Card uses a hybrid custody setup, while Xapo Card uses a custodial balance setup. Neither approach is always better, so choose the level of control you are comfortable with.
Xapo Card lists more stablecoins and ways to send money out (8 vs 4). Before applying, confirm availability in your country and recheck the provider's current fees and reward conditions.
If one card now looks like the better fit, you can check the latest application terms on the provider site or read our full Ethena Pay Card and Xapo Card reviews first.
Continue with
Ethena Pay Card
Continue with
Xapo Card
05 · Common questions
Ethena Pay vs Xapo FAQ
Is Ethena Pay or Xapo better overall?
Ethena Pay Card has the higher Overall Score (86 vs 70). That does not make it better for everyone: your preferred fees, rewards, way of holding funds and country availability can change the practical choice.
Which has lower fees, Ethena Pay or Xapo?
Ethena Pay Card has the lower starting plan cost ($0 vs $1,000/year). Compare plan, FX, card-spend, top-up and ATM charges separately because one fee does not represent the full cost.
Which has better cashback, Ethena Pay or Xapo?
Ethena Pay Card has the higher published base cashback rate (4% vs 0%). Maximum rates may depend on tiers, caps, categories or other conditions, so the entry rate and reward asset matter too.
How do Ethena Pay and Xapo differ on custody?
Ethena Pay Card uses a hybrid custody setup, while Xapo Card uses a custodial balance setup. Neither approach is always better, so choose the level of control you are comfortable with.
How current is this Ethena Pay vs Xapo comparison?
The latest information check for these two cards was September 1, 2026, using 33 official sources in total. Each full card review lists its own check date, sources and anything the provider has not clearly disclosed.