Ether.fi Is Launching Its Own Stablecoin, With Ethena Running the Reserves
By Unchained
AI summary of the source article
Ether.fi is introducing its own U.S. dollar stablecoin, ether.fi USD, powered by Ethena Whitelabel. Under the agreement, Ethena will manage minting, redemptions, compliance, and reserves end-to-end. Ether.fi holds over $300 million in stablecoin deposits, which the new token aims to make native across its offerings. The initiative links directly to Ether.fi's Cash card, which launched in 2024 and has processed nearly $1 billion across more than 100,000 active cards. Ether.fi joins other platforms, including Jupiter and MegaETH, in utilizing Ethena's stablecoin-as-a-service infrastructure.
Why it matters
The partnership allows crypto platforms like Ether.fi to issue branded stablecoins and capture earnings from idle deposits without having to build their own reserve and compliance infrastructure.
Key facts
- Ether.fi is launching ether.fi USD using Ethena Whitelabel to manage reserves, minting, redemptions, and compliance.
- Ether.fi holds more than $300 million in stablecoin deposits, and its Cash card has processed nearly $1 billion across over 100,000 active cards.
- Neither firm disclosed the official launch date, supported blockchains, or backing assets for the token.