- Ethena users can now buy USDe and ENA directly with fiat via Alchemy Pay in 173+ countries.
- Alchemy Pay integration removes the need for centralized exchanges in Ethena token access.
- Over 50 fiat currencies are now supported for USDe and ENA purchases through Ethena Swap.
Alchemy Pay, a payment infrastructure provider has been integrated into Ethena Labs to facilitate the purchase of USDe and ENA tokens using fiat currencies. It was then launched on the Ethena Swap portal, allowing access for the on-ramping services in 173 countries from one place.
The partnership means users can now buy Ethena’s synthetic dollar-pegged stablecoin, USDe and its native governance token, ENA, using traditional payment methods like Visa, Mastercard, Apple Pay and Google Pay. The move significantly lowers the barrier for individuals looking to access Ethena’s ecosystem without going through centralized crypto exchanges.
Users Gain Fiat-to-Crypto Access in Over 170 Countries
As a means of supporting Ethena Swap directly through fiat purchases, Alchemy Pay’s infrastructure now supports more than 50 national funds. However, this has made USDe and ENA available to the users globally, as in markets that were not able to use stablecoins or Decentralized finance tools because there were no fiat on-ramps.
The integration removes the need for users to first buy cryptocurrencies like USDT or ETH on centralized platforms before swapping them for USDe or ENA. Through the Alchemy pay interface embedded in the Ethena Swap portal, users can now directly convert local currency into Ethena tokens.
Fiat-to-crypto gateway Alchemy Pay is a business that processes the transactions between the traditional financial systems and the blockchain networks. This kind of help for supporting a wide variety of local currencies and global payment processors make it easy for digital asset platforms like Ethena to support decentralized finance from a broader point of view.
Other DeFi Protocols Have Turned to Alchemy Pay
Ethena is not the only one adopting Alchemy Pay’s services. In May 2023, decentralized staking platform Lido integrated Alchemy Pay’s on and off-ramp tools to enable fiat purchases of its staked Ether token, stETH. That same month, Layer 2 blockchain network Metis added support for fiat conversions of its native token, METIS, using Alchemy Pay’s infrastructure.
Hedera has also added Alchemy Pay’s on-ramp to make fiat purchases of HBAR, the native token, more recently. This is a consistent approach to the integrations that help reduce the friction between traditional finance and blockchain ecosystems by allowing users to purchase tokens directly from their fiat currencies.
Ethena Labs launched its synthetic stablecoin USDe to maintain price stability without relying on traditional banking infrastructure. ENA, the protocol’s native governance token, supports decision-making within the Ethena ecosystem. With the new on-ramp in place, both tokens are now available through familiar payment channels in a wide range of jurisdictions.
The companies said that integration is already live and functional through Ethena Swap. Without the need for users to send funds through centralized custodians, users can start USDe and ENA purchases from within the portal by picking from their local currency and preferred payment method.
