Ethena Pay Earn+, powered by Upshift
Ethena Pay users moved $3.5M+ into Earn+ in its first day, one tap at a time.
A higher rate on USDe takes daily work
Ethena Pay is Ethena's money app for saving, sending and spending dollars. Dollar balances in its Main account earn the standard USDe rewards.
Earning more on the same dollars means looping USDe on a lending market and watching the borrow rate every day. Ethena wanted that return behind one button in its own app.
From the Main balance to Earn+ and back
Users tap into Earn+
A user moves dollars from Main into Earn+ with one tap. The app deposits USDe into the Upshift vault, and the user receives vault shares whose value rises as the strategy earns.
Steakhouse Financial runs the loop
Steakhouse posts USDe as collateral on Aave, borrows USDT and turns it back into USDe. It shrinks the loop when borrowing gets expensive.
Users tap back to Main
The vault tracks each user's share, returns USDe on withdrawal and reports every balance back to the app. Earn+ has no lockup.
Running an app with dollar balances?
Tell us which balances your users hold and we'll come back with a vault structure and a timeline.
A USDe vault wired into the Ethena Pay app
USDe vault on Avalanche
The vault takes USDe deposits from the app and issues vault shares whose value rises as the strategy earns.
NAV and accounting for every share
Upshift values Steakhouse's Aave position and updates the vault's share price, so each Earn+ balance reflects what the loop earned.
Balances and withdrawals for the app
The vault tracks each user's share, processes withdrawals and sends balance data back to Ethena Pay for display.
Deposit cap and multisig owner
A deposit cap sizes the vault for the phased rollout. A multisig holds the vault's owner role.
$3.5M+ in Earn+ on day one
Ethena Pay opened Earn+ to Pro and VIP users on 28 October 2026 and is rolling it out to every user in the coming days. Ethena announced it at 12% rewards.
Vault balance and deposit count read onchain, 29 October 2026, 13:09 UTC. Reward rate from Ethena Pay's launch post.
Earn+ will be one of the killer features for Ethena Pay that is almost impossible to compete with for dollar savings at scale. This is a one-click access point to optimized levered USDe rewards with no management of debt positions required at all.
The vault behind Earn+
AvalancheThe vault layer under a money app
Your app keeps the customer
Ethena kept the app, the product decisions and the customer relationship. Partners launch Upshift vaults under their own brand through the SDK or API.
Strategy teams you can choose
Steakhouse Financial runs Earn+. Other apps on Upshift work with different strategy teams, or bring their own.
11 audits by 6 independent firms
Upshift contracts have been through 11 smart contract audits by 6 independent firms, listed in the Upshift docs.
From money market funds to DeFi
The same integration covers 24/7 tokenized money market funds, lending vaults and DeFi strategies like Earn+, across 30+ chains.
Money apps are adding a second balance
Neobanks and money apps keep a default dollar balance and add a second one that earns more, with the strategy run by a specialist. Upshift runs that vault layer for wallets, exchanges and fintechs on 30+ chains.
Add an Earn balance to your app
Share your use case and the team will come back with a vault structure, a strategy shortlist and a timeline. See how Tria and Kraken Institutional launched.
FAQs
What is Ethena Pay Earn+?
Earn+ is a second dollar balance in the Ethena Pay app that earns higher rewards than Main, with one tap in and no lockup. Ethena opened it to Pro and VIP users on 28 October 2026 and is rolling it out to all users.
Where does the Earn+ yield come from?
A USDe loop on Aave run by Steakhouse Financial. Steakhouse posts USDe as collateral, borrows USDT, turns it into USDe and earns USDe rewards on the larger position, minus the cost of borrowing.
What does Upshift do in Earn+?
Upshift runs the vault contract. It takes USDe deposits, issues vault shares, tracks each user's balance, processes withdrawals and reports balances back to the app. A multisig holds the vault's owner role.
Can Earn+ users withdraw at any time?
Yes. Earn+ has no lockup: a user taps to move money back to Main, and the vault returns USDe to the app.
What are the risks?
A looped position carries more risk than holding USDe alone. If borrow rates rise above the USDe reward rate, Earn+ earns less than Main until Steakhouse resizes the loop.
A sharp USDe price move on a lending market can push the position toward liquidation. Smart contract risk applies to the vault, Aave and USDe, and rewards aren't guaranteed.
Can other apps launch a balance like Earn+?
Yes. Wallets, neobanks and fintechs integrate the Upshift SDK or API and choose a vault under their own brand, from 24/7 tokenized money market funds to DeFi strategies.