Ether.fi to Launch US Dollar Stablecoin via Ethena’s Platform

Ether.fi is expanding its services by launching its own US dollar stablecoin, ether.fi USD, through Ethena’s Whitelabel platform. This move aligns with the Ethereum staking protocol’s broader strategy to integrate payments and crypto banking products. The stablecoin will leverage Ethena’s infrastructure for reserves, minting, redemptions, and compliance, though neither company has disclosed the launch date, supported blockchains, or backing assets.

Ether.fi currently holds over $300 million in stablecoin deposits, and the new token aims to make those balances accessible across its product suite. The launch is also closely linked to ether.fi Cash, the company’s crypto payment card, which has processed nearly $1 billion in cumulative spending and has over 100,000 active users.

Ethena’s Whitelabel service enables companies to issue branded stablecoins while outsourcing much of the underlying infrastructure. Other projects using this platform include Jupiter with JupUSD and MegaETH with USDm. Ethena views Whitelabel stablecoins as a core business line alongside its $USDe and related savings products.