Ether.fi is set to launch a branded stablecoin using Ethena’s Whitelabel infrastructure. This platform allows protocols to issue and manage dollar-denominated tokens while Ethena handles technical operations, including issuance, custody, reserves, and liquidity management.
The partnership enables Ether.fi to retain its brand identity and user relationships while sharing in the revenue generated by the stablecoin. Specific details regarding the token name, launch date, and the composition of its backing assets remain undisclosed.
Ethena’s infrastructure offers two primary backing options: its synthetic dollar USDe and the fiat-backed USDtb. USDe currently has a supply of approximately $4.9 billion, down from a 2025 peak of $14.8 billion. USDtb utilizes traditional assets and partnerships, including liquidity ties with BlackRock.
This initiative follows previous collaborations between the two protocols, including a September 2024 partnership involving USDe deposits. Ether.fi aims to integrate the new stablecoin into its broader ecosystem of staking and financial services, while Ethena seeks to expand the reach of its core backing assets.
