Ethena Pay recorded a sharp increase in payment activity during October as its Avalanche-based neobanking product expanded across spending and savings. According to Avalanche’s official ecosystem update, Ethena Pay card spending increased 97% month over month, while the number of transactions more than doubled. The update provides percentage growth rather than absolute October spending or transaction figures, limiting how precisely the scale of the increase can be measured.
Ethena Pay launched broadly in September across roughly 50 countries and uses Avalanche infrastructure behind its consumer-facing payments experience. The product represents a measurable example of blockchain rails supporting card activity rather than simply providing stablecoin balances or available payment infrastructure. Avalanche had previously positioned Ethena Pay as a mobile product combining USDe transfers, payments, savings and settlement without requiring users to interact directly with blockchain mechanics.
Neobanking on Avalanche is seeing record growth as more people embrace onchain financial services for everyday spending, saving, and earning.@EthenaPay reported a 97% increase in card spending in October, with transactions more than doubling month-over-month.
Its newly… pic.twitter.com/PG4hpmCOQy
— Avalanche🔺 (@avax) November 5, 2026
Earn+ Connects Neobanking Deposits to Aave V4
The payment growth now sits alongside a new savings layer. Ethena Pay launched Earn+ on October 28, allowing eligible users to move part of their dollar balance into a higher-yield strategy. Under the hood, deposits enter an Upshift vault curated by Steakhouse, which supplies USDe and borrows USDT through Aave V4 on Avalanche. Earn+ therefore abstracts a DeFi lending strategy behind a neobank-style interface rather than depositing customer funds directly into a simple Aave savings account.
Aave V4’s Avalanche deployment has separately surpassed $125 million in total deposits after launching in July. That figure covers the entire Avalanche V4 market and should not be attributed to Earn+ itself. The $125 million milestone measures liquidity deposited across Aave V4 on Avalanche, while Ethena Pay has not disclosed how much of that capital comes from Earn+ users.
Ethena Pay said its initial Earn+ capacity filled within days and subsequently doubled the available allocation while advertising a 12% APY. That yield is a current product rate rather than a guaranteed return and depends on the underlying lending strategy, market conditions and incentives. The rapid filling of deposit caps provides an early demand signal for Earn+, but it does not establish the durability of deposits or returns over longer periods.
Avalanche Payments Move Beyond Stablecoin Supply
The latest figures give more specificity to Avalanche’s earlier stablecoin expansion. The network previously saw its stablecoin supply jump nearly 50% to about $1.8 billion, but additional stablecoin balances alone could not show whether that capital was being actively spent or deployed. Ethena Pay’s card activity adds a transaction-level use case to a liquidity metric that otherwise only measures assets available on the network.
Avalanche also processed $84.4 billion in stablecoin transfer volume during Q2, alongside 235.6 million C-Chain transactions. Those figures measure broader network settlement and cannot be attributed to neobanking applications. The 97% Ethena Pay increase is narrower but more directly connected to consumer card spending, making it a different indicator from aggregate stablecoin transfers.
Payment infrastructure is expanding through other Avalanche-linked products as well. The network has supported initiatives such as KRW1-backed Visa card infrastructure through Rain, extending stablecoin settlement into conventional merchant networks. Together, these deployments show payments moving closer to familiar consumer interfaces, although actual adoption must still be measured through recurring spending, active accounts and transaction volumes rather than product availability alone.
Ethena Pay’s October data therefore provides one of the clearer operating signals inside Avalanche’s neobanking push. Card spending nearly doubled, transaction counts more than doubled and Earn+ introduced an additional savings pathway, while the amount of capital specifically attributable to Earn+ remains undisclosed.