Neither company disclosed when ether.fi USD will launch, which blockchains it will support or which assets will back the token.
The stablecoin is aimed at funds already held across ether.fi’s products. Ethena said the platform currently holds more than $300 million in stablecoin deposits, while ether.fi said the new token would make those balances native across its product suite.
The launch is also closely tied to ether.fi Cash, the company’s crypto payment card. Ethena said the product 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. Tokens built through the platform can be backed by assets including $USDe, USDtb or other stablecoins, according to Ethena.
Ether.fi joins a growing list of crypto projects using the infrastructure to launch their own branded dollars. Jupiter partnered with Ethena on JupUSD, while MegaETH introduced USDm using the same platform. Ethena also lists Sui’s suiUSDe among its Whitelabel products.
Ethena has positioned Whitelabel stablecoins as one of its core business lines alongside $USDe and its related savings products.
