Ethena Pay's 47 Countries Are App Access, Not Card Access
Ethena Pay updated its Terms of Use on 22 September 2026. The version now in force carries country-specific sections for 47 jurisdictions, names six more as coming, and states that the app ships through both the Apple App Store and the Google Play Store. None of that settles whether the card works where a given reader lives.
The 47 jurisdictions sit in Latin America, the Caribbean, Africa and Asia
Seventeen sections cover Latin America: Argentina, Belize, Bolivia, Brazil, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Guyana, Honduras, Mexico, Panama, Paraguay, Peru, Suriname and Uruguay. Eleven cover the Caribbean: Bahamas, Barbados, Cayman Islands, Dominica, Dominican Republic, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, and Turks and Caicos. Nine cover Africa: Côte d'Ivoire, Egypt, Ghana, Kenya, Morocco, Senegal, South Africa, Uganda and Zambia. Eight cover Asia and the Middle East: Hong Kong, Japan, Malaysia, Pakistan, Philippines, Singapore, Thailand and the United Arab Emirates. Two cover Oceania: Australia and New Zealand.
The United States, the European Union, Canada, Taiwan, South Korea and China appear together in one line as coming soon, along with unnamed other jurisdictions. No dates are attached to any of them, and no European country has a section today.
A country section governs the account, and the card is decided per user
Ethena Pay attaches a general condition to the whole appendix: unless a country section says otherwise, availability of the Ethena Pay Spend Card depends on the arrangements between the issuer, the program manager and local regulatory requirements, and is confirmed only at the point a user accepts the Spend Card Terms.
Australia is the section that shows what that means in practice. The Spend Card is not generally available to Australian users unless a local issuer offers it, and Australians are told at onboarding whether the card is available at all. So a country appearing in the appendix establishes that the app and the account are offered there. Card issuance is a second decision, made downstream by parties Ethena Pay does not control, and it arrives after sign-up rather than before.
This matters most to anyone choosing between Ethena Pay and a card program where issuance and the app come from the same company. Two gates in sequence means two ways to be turned away, and the second one is only visible after identity verification.
The Spend Card is offered to non-U.S. persons only, while the U.S. is on the coming list
Ethena Pay states that the Spend Card is offered only to non-U.S. persons, and excludes U.S. citizens, U.S. residents and other U.S. persons. The United States also sits in the coming-soon line for the Services.
Those two statements are about different products in the same document. A U.S. arrival of the app, the savings features or the account would not by itself bring the card, because the card carries its own residency exclusion. Reading the coming-soon line as a card waitlist gets the sequence wrong.
The same separation runs through the rest of the terms. Ethena Pay is a Maltese company that provides the platform and the interfaces; it is not the card issuer, not a card network, and does not hold funds or provide custody. The card is issued by a card issuer under licence from the network, and Ethena Pay describes it as a separate product from the USDe savings features, the IBAN and multi-currency account, transfers, ramps and the DeFi strategies. Cashback is 4%, or up to 5% depending on tier, paid in AVAX and banded across cumulative monthly spend, with each band applying only to the portion of spending inside it.
Google Play is now named next to the App Store
Both stores appear in the app section, with Apple and Google as third-party beneficiaries and neither carrying any warranty or support obligation. The same section repeats that the app may not be available in every region, which is a third layer of availability independent of the country sections and of card issuance.
One asymmetry sits in the same place: the account-deletion route through the platform or user support is described for users who downloaded from the Apple App Store. Anyone arriving through Google Play has no equivalent sentence to point at.
For someone working out whether Ethena Pay is usable today, the order of checks is the useful part. A country section in the appendix answers the account question. The Spend Card Terms, offered during onboarding, answer the card question. The tier structure then decides which card, and none of the three follows automatically from the one before it.
Sources: Ethena Pay Terms of Use.
