Ether.fi is launching its own US dollar stablecoin, ether.fi USD, utilizing the Whitelabel platform provided by Ethena. Under this partnership, Ethena will manage the end-to-end infrastructure, including reserves, minting, redemptions, and regulatory compliance.
The new stablecoin is designed to integrate with funds already held across the ether.fi product ecosystem. Currently, the protocol holds over $300 million in stablecoin deposits, which the new token aims to make native across the company's suite of products.
This initiative is linked to the ether.fi Cash crypto payment card. According to Ethena, this card product has reached nearly $1 billion in cumulative spending and supports more than 100 000 active cards.
Ethena's Whitelabel service allows external companies to issue branded stablecoins backed by assets such as USDe or USDtb. Other projects, including Jupiter, MegaETH, and Sui, have previously utilized this infrastructure to launch their own tokens.
Neither ether.fi nor Ethena has disclosed the specific launch date for ether.fi USD, the blockchain networks it will support, or the specific assets that will serve as collateral for the new stablecoin.
