Ethena Pay Card
- 0% foreign exchange fee
- 1:1 stables to USD conversion
- USD, EUR and GBP virtual accounts in your name
- Self-custodial, you control your money
- Automatic earnings on your balance, daily
- No Physical Card Yet
- Freshly launched, still building up features
-
Key Features
| Launched | September 2026 (1 month ago) |
|---|---|
| Visa or MC | |
| Debit or Credit | Prepaid Card |
| Denominated In | $ USD |
| Apple Pay | Enabled |
| Monthly Fee | 0.00 USD |
| Monthly Inactivity Fee | 0.00 USD |
| Crypto to USD Crypto->USD Conversion Cost | 0% |
| Highest Cashback | up to 5% |
| Entry-Level Cashback | 4% |
| Entry-Level Cashback Monthly Cap | 115 USD |
| Daily Spending Limit | 1,000,000 USD |
| Daily ATM Withdrawal Limit | N/A (Virtual-Only Card) |
| Foreign Exchange Fee | 0% |
| Crypto to Fiat Conversion | Manual when Preloading |
| Identity VerificationID Verification | KYC Requiredi |
| Crypto Asset Management | Non-Custodial (you can move funds without the wallet provider) |
| Supported Cryptocurrencies | USDCUSDEUSDT |
| Supported Blockchains | ArbitrumAvalancheBaseBinance Smart ChainEthereumMantleOptimism |
| Bank Account in Your Name | USD accountACH · Fedwire · SWIFTEUR accountSEPAGBP accountFaster Payments · CHAPS |
| Deposit Currencies | USDEURGBPJPYSoonMXNSoon |
| Withdrawal Currencies | USDEURGBPJPYSoonMXNSoon |
| Supported Countries | Antigua and BarbudaArgentinaAustraliaBahamasBarbadosBelizeBoliviaBrazilCayman IslandsColombiaCosta RicaDominicaDominican RepublicEcuadorEgyptEl SalvadorGhanaGrenadaGuatemalaGuyanaHondurasHong KongIvory CoastJapanKenyaMalaysiaMexicoMoroccoNew ZealandPakistanPanamaParaguayPeruPhilippinesSaint Kitts and NevisSaint LuciaSaint Vincent and the GrenadinesSenegalSingaporeSouth AfricaSurinameThailandTrinidad and TobagoTurks and Caicos IslandsUgandaUnited Arab EmiratesUruguayZambia |
| App Languages | English |
Your Ethena Pay Card: earn up to 5% cashback, plus 6% APY on your balance, automatically.
Ethena Pay Card Benefits and Rewards
Ethena Pay Card offers up to 5% cashback, depending on your membership tier and monthly spend.
| Card Tier | Cashback | Max Monthly Cashback |
| Standard | up to 4% | $115 |
| Pro | up to 4.5% | $420 on first $12,000, then 0.5% |
| VIP | up to 5% | $1,700 on first $40,000, then 0.5% |
Cashback is paid in AVAX to your wallet in a few days, after transaction settles.
Reality Check While Ethena Pay Card promotes up to 5% cashback, if you're an entry-level user, you'll qualify for 4% cashback, capped at 115 USD per month.
Are other cards more generous at base tier? No, they are not. In fact, Ethena Pay Card offers more value for the entry-level user, than most competitors:
| Ethena Pay Card | Industry Average1 | |
| Entry Level Cashback | 4% | 1% |
| Entry Level Cashback Monthly Cap | 115 USD | 55 USD |
Very cool: You also automatically earn up to 6% APY on your account balance, without needing to move your funds into a separate investment account. Rewards are credited to your account daily.
Ethena Pay Card Tiers - Membership Levels
Here are Ethena Pay's membership levels, pricing and benefits for each plan. Pick the one that makes sense for your budget and the perks you actually care about.
 Standard Tier |
 Pro Tier |
 VIP Tier Invite-Only |
|
| Price | $0 | 10 referrals | Not Announced Yet |
| Cashback | 4% | 4.5% | 5% |
| Earn on Savings | 5% | 6% | 6% |
| 10% back on subs | - | 3 apps Movies AI Music |
3 apps Movies AI Music |
| Global eSIM | - |
Ethena Pay Card is a Visa Platinum - Here Are the Bonus Perks You Get
Your Ethena Pay Card runs on Visa Platinum tier and is issued in 🇵🇷 Puerto Rico - which automatically gets you a set of perks straight from Visa, on top of what Ethena Pay offers.
Visa Platinum sits in the middle of Visa's consumer card lineup - above the basic Classic and Gold tiers, and below Signature and Infinite.
If you pay for your car rental with your Ethena Pay Card and decline the optional insurance upgrade they push at the counter, you'll get Visa Platinum insurance coverage worldwide for theft and collision on rentals up to 31 days, with no deductible.
Note:Since Ethena Pay doesn't have a physical card yet and most rental companies require one at the counter, you may not be able to use this benefit until Ethena Pay launches their physical card.
When you pay for an item with your Ethena Pay Card, Visa automatically adds up to 1 extra year on top of the manufacturer's warranty, free. So a MacBook with a 1-year Apple warranty becomes 2 years of coverage. Works on most electronics and appliances, coverage is up to $10,000 per year.
More Benefits
If you spot the same item advertised at a lower price within 30 days (7 days for online purchases), Visa refunds you the difference, free. So if you buy a PlayStation for $500 with your Ethena Pay Card and see it on sale for $400 a few weeks later, you get $100 back. Works on most retail purchases, with up to $500 back per item and 4 claims per year.
If your laptop gets stolen within 180 days of buying it, Visa covers you - automatically, for free. You must have paid with your Ethena Pay Card, filed a police report within 48 hours, and submitted your claim within 90 days to receive up to $10,000 per year, on most items bought anywhere in the world.
Do I have to sign up with Visa first to qualify for benefits?
Benefits kick in automatically, but you have to pay for your car rentals, electronics, and anything else you want covered, with your Ethena Pay Card.
Registering isn't required, but it makes filing claims much easier later. Go to Visa Benefits Portal, pick Puerto Rico: English at the top, and register your Ethena Pay Card. That gets you in.
Ethena Pay Card is a Prepaid Card
- Debit Card
- Credit Card
- Prepaid Card
- Bank Accounts in Your Name
USD·
EUR·
GBP
Useful Card Structure:Ethena Pay Card functions like a prepaid card, but on the backend, it is classified as a credit card. This means that while you cannot borrow money with this card, it will work at places requiring pre-authorizations.
Ethena Pay Gives You 3 Bank Accounts in Your Name
Alongside your card, you get three personal bank accounts in your name (provided through MoonPay).
Receive USD, EUR or GBP into Ethena Pay. Every deposit converts to USD on arrival.
Ethena Pay Fiat Deposit Fees
| Currency | Fee | Transfer type and arrival time |
|---|---|---|
| USD | Free | ACH2-3 days |
| $20 | FedwireSame day | |
| $25 | SWIFT1-3 days | |
| EURauto-converted to USD | Free | SEPAInstant |
| GBPauto-converted to USD | Free | Faster PaymentsSame day |
| Free | CHAPSSame day |
What You Can Deposit & Withdraw Using Ethena Pay
You can fund your Ethena Pay Card with crypto or fiat in multiple currencies and withdraw your funds to crypto wallets or local bank accounts.
USDEURGBP
JPYsoon
MXNsoonYou will enjoy the fact that Ethena Pay Card supports USD withdrawal to a local bank account. It means you can always cash out to your local bank, if you need to pay bills at home.
It's Issued Solely in Virtual Form, Lacking a Physical Version
Ethena Pay Card is available solely in virtual format, unlike 40% of crypto cards offering both physical and virtual versions. This means you cannot use it for ATM withdrawals, or at places like car rental companies or hotels that require a physical card for security deposit and identity verification. The virtual card will be issued to you instantly after you complete the KYC Identity Verification.
Wondering about the pros and cons of virtual-only format? Here are some highlights:
No Physical Card | Virtual Card |
|---|---|
| No ATM Withdrawals | Instantly Available, No Waiting for Mail |
| No Card when Hotels or Car Rentals Require it | Ideal for Online Purchases |
| No Card When Phone Dies or no Internet | Environmentally Friendly |
| No Feel-Good Backup Payment Method | No Tangible Item to Misplace |
Cost to Order: 0 USD |
Useful:Since Ethena Pay Card supports Apple Pay, you can still use this card in real life, to pay for everyday purchases.
The 'back' of virtual Ethena Pay Card
| Card Issuer | Rain |
|
BIN Number ⓘ
BIN number is the first 8 digits of the card and identifies the card issuer.
| 45492406 |
| Validity Period | 5 years |
| Issuing Country | Puerto Rico |
Rain is the card issuer used by several other crypto cards, including Avici Card, Exa Card, Lava Card, Plasma One Card, and Tangem Card.
Crypto-to-USD Conversion Cost with Ethena Pay Card
Ethena Pay Card Requires Pre-Load
Before you can use your Ethena Pay Card, you will need to top-up your account. This means you will have to convert your crypto in advance, exchanging it to USD in your account, to make it available for spending.
| Crypto to Fiat Conversion Fee | 0% |
| Sell Spread | 0% |
| Load Fee | 0% |
| Transaction Fee | 0% |
| USD Transaction Cost | 0% |
| Foreign Exchange Fee | 0% |
| Non-USD Transaction Cost | 0% |
Low Cost:Compared to the average ~1.4% crypto-to-fiat cost of other cards, converting crypto with Ethena Pay Card is much more cost-effective (0%). This means that you will get more USD for your crypto when using this card.
How Does Ethena Pay Make Money? – I see 0% fees here. Am I missing something?
Every time you make a payment with your Ethena Pay Card, the merchant (Starbucks, Amazon, etc.) pays a small fee on that transaction to their bank that operates the POS terminal. This is called the interchange fee. The merchant's bank passes part of that fee to Visa, and they share a portion of it with Ethena Pay.
So while you don't pay a fee directly as a cardholder, Ethena Pay still earns a small amount from every transaction you make - that's how card providers make money.
From all crypto cards we reviewed, Ethena Pay Card, Lava Card and OKX Card offer the cheapest crypto-to-fiat conversions (~0%, ~0% and ~0.1% respectively), while converting crypto with OWNR Card will cost you the most, ~4.64%.
How Does Ethena Pay Card Compare to Other Crypto Cards?
Ethena Pay Card ranks #6 out of 72 amongst all the crypto cards we have reviewed so far. This means it's in the Top 10%.
In addition, Ethena Pay Card ranks #4 out of 24 amongst Non-Custodial Crypto Cards.
Strongest Features Against Competitors
Here are the strongest features of Ethena Pay Card against its 71 competitors:
- Offers impressive maximum cashback of up to 5% (other cards have an average of 4%).
- Offers up to 115 USD per month in cashback for entry-level users (exceeding competitors 55 USD average).
- Has a Foreign Exchange Fee of 0% (other cards have 1.5% average).
- Offers a generous 1,000,000 USD daily spend limit (other cards offer 10,000 USD limit on average).
- Solid company with a 7.2/10 brand authority score (the average for all competing cards is 6/10).
- You won't be charged any monthly fee on the base tier (while 15% of other crypto cards charge one, with a median of 2 USD per month).
- Their crypto-to-fiat conversion cost, including all related fees and spread, is among the lowest at ~0% (versus an average of ~1.4% with other cards.)
- Supports 11 blockchains (while other non-custodial cards support an average of 8 blockchains).
- Their overall fees & limits structure is incredibly generous, with a score of 9.4/10 (average fees & limits structure rating amongst other cards is 6.7/10).
- This crypto card is non-custodial, which means you can move your funds without relying on Ethena Pay. Your crypto stays under your control instead of being managed in a custodial account.
- Supports USD withdrawals to a local bank account, so you can cash out in your home currency whenever you need to pay bills at home.
Weakest Features Against Competitors
Compared to its 71 competitors, here are the shortcomings of Ethena Pay Card:
- Requires preconversion of crypto to load the card (while 40% of competitors auto-convert on every purchase).
- Only available in virtual format (while 40% of competing crypto cards offer both physical and virtual cards).
Ethena Pay Card vs. Tria Card vs. Plasma One Card
Ethena Pay Card
|
Tria Card
|
Plasma One Card
|
|
|---|---|---|---|
| Monthly Fee | 0.00 USD | 2.00 USD | 0.00 USD |
| Crypto to Fiat Cost | 0% | ~0.4% | 0% |
| Highest Cashback | up to 5% | up to 6% | up to 4% |
| Entry-Level Cashback | 4% | 1.5% | 2% |
| Daily Spending Limit | 1,000,000 USD | 1,000,000 USD | 1,000,000 USD |
| Daily ATM Limit | N/A (Virtual-Only Card) | 750 USD | N/A (Virtual-Only Card) |
| Foreign Exchange Fee | 0% | 0% | 1% |
| Asset Management | Non-Custodial | Non-Custodial | Non-Custodial |
| Availability for United States |
|||
| Supported Cryptocurrencies | 3 | 2 | 2 |
| Apple Pay | Enabled | Enabled | Enabled |
| Customer Service | Great | Great | Great |
| Brand Authority | Growing | Growing | Growing |
Want a different matchup? Compare any 3 cards here.
If you plan to use your card for daily purchases, then daily spending limit is an important consideration for you. All three cards offer the same daily spending limit of 1,000,000 USD. So they are all solid choices in that regard.
Cashback rewards are a great way to earn back some of the money you spend on your card and is an important consideration as well. Out of the three, Tria Card offers the best cashback rewards of up to 6%. The cashback rewards for Ethena Pay Card and Plasma One Card are not as high.
To make a good choice, look through all features, as it is an individual choice. If you will mostly do online transactions with this card, then Apple Pay availability may not be a very important feature for you. If you travel a lot, foreign exchange rate will matter. And so on.
Are People Actually Using Ethena Pay Card?
Market Share
Based on monthly transaction volume among the 30 largest crypto cards, Ethena Pay ranks #19 out of 30, capturing a 0.2% market share.1
-
(#1)
RedotPay
$403M (46.9%)
-
(#2)
EtherFi
$129M (15.0%)
-
(#3)
KAST
$114M (13.3%)
- (#4) Karta $49.5M (5.8%)
-
(#5)
Wirex One
$47.6M (5.5%)
-
(#6)
Plasma One
$25.6M (3.0%)
-
(#7)
Kolo
$19.6M (2.3%)
-
(#8)
Tria
$16.7M (1.9%)
- (#9) Karta.io $16.7M (1.9%)
-
(#10)
Coca
$9.3M (1.1%)
-
(#11)
Avici
$3.8M (0.4%)
-
(#12)
MetaMask
$3.3M (0.4%)
-
(#19)
Ethena Pay
$1.6M (0.2%)
- Others (17 cards) $19.4M (2.3%)
Ethena Pay Monthly Transaction Volume
In September 2026, Ethena Pay processed approximately $1.6M in transaction volume.1
User Base Growth
Launched in September 2026, Ethena Pay is steadily growing, with approximately ~670 transacting users per month - out of roughly ~13k installs and ~2.7k registrations since launch.
Estimated Signup to Transacting User Funnel
Ethena Pay may have reached around ~13k installs since launch. This estimate is based on its peak of ~670 monthly transacting users and general conversion estimates.
Is Ethena Pay Card Available for Residents of United States?
No, Ethena Pay Card is not available for residents of United States.
Ethena Pay Card supports the following countries: Antigua and Barbuda, Argentina, Australia, Bahamas, Barbados, Belize, Bolivia, Brazil, Cayman Islands, Colombia, Costa Rica, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Ghana, Grenada, Guatemala, Guyana, Honduras, Hong Kong, Ivory Coast, Japan, Kenya, Malaysia, Mexico, Morocco, New Zealand, Pakistan, Panama, Paraguay, Peru, Philippines, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Senegal, Singapore, South Africa, Suriname, Thailand, Trinidad and Tobago, Turks and Caicos Islands, Uganda, United Arab Emirates, Uruguay, Zambia.
To see our list of available crypto cards for 🇺🇸 United States, see this list. There are currently 16 cards listed there.
You may also be interested in this article: Crypto Cards for USA: The Best Options for Americans.
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