Etherfi to Launch Stablecoin via Ethena’s Whitelabel Platform

Ether.fi has announced plans to launch its own US dollar stablecoin, ether.fi USD, through Ethena’s Whitelabel platform. This move marks another step in the Ethereum staking protocol’s expansion into payments and crypto banking services. Ethena will handle reserves, minting, redemptions, and compliance for the new stablecoin, though neither company has disclosed the launch date, supported blockchains, or backing assets.

The stablecoin is designed to integrate with funds already held across ether.fi’s products. Ethena reported that the platform currently holds over $300 million in stablecoin deposits, while ether.fi stated that the new token will make those balances native across its product suite. The launch is also closely tied to ether.fi Cash, the company’s crypto payment card, which has processed nearly $1 billion in cumulative spending and has more than 100,000 active cards.

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