Ether.fi Is Launching Its Own Stablecoin, With Ethena Running the Reserves

Ether.fi, which started as an Ethereum liquid staking protocol and now also runs a crypto card business, is launching its own U.S. dollar stablecoin. The token, ether.fi USD, is built on Ethena Whitelabel, the stablecoin-as-a-service platform run by the issuer of USDe. Ether.fi introduced the token on X on Tuesday, seconds after Ethena announced the deal.

Under the arrangement, Ethena will run the token’s reserves, minting and redemptions, and compliance “end to end,” according to Ethena. Neither company said when the token goes live, which blockchains it will run on or which assets will back it.

The target is money that already sits on ether.fi. Ethena said the platform holds more than $300 million in stablecoin deposits, and ether.fi said in its post that the new token “makes all of it native to every product we ship.”

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Ethena tied the launch to ether.fi’s Cash card, which it said went live in 2024. The card has processed nearly $1 billion in cumulative spend and has more than 100,000 active cards, Ethena said.

“The best stablecoin neobanks will move to own the entire stack and earn from idle deposit balances alongside their broader product suite,” Ethena wrote in its announcement.

Issuers on the platform can back their tokens with USDe, Ethena’s synthetic dollar, with USDtb, which Ethena describes as issued by Anchorage Digital Bank “in a GENIUS compliant manner,” or with other stablecoins, according to Ethena’s Whitelabel website.

Ether.fi is the latest crypto project to issue a branded dollar through Ethena. Solana trading platform Jupiter teamed up with Ethena on JupUSD in October 2025. The following month, Ethena said MegaETH‘s USDm, powered by Ethena Whitelabel and USDtb, would go live alongside a pre-deposit bridge capped at $250 million. Ethena’s Whitelabel site also lists Sui’s suiUSDe.

Ethena listed Whitelabel stablecoins as one of its core business lines, alongside USDe savings.

Related Listen: Guy Young on Why Ethena Launched a Neobank on Top of Its Stablecoin

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