Ether.fi, an Ethereum liquid staking protocol, introduced ether.fi USD on Tuesday, built on Ethena's Whitelabel stablecoin-as-a-service platform. Ethena will manage reserves, minting, redemptions and compliance for the token.
The stablecoin targets the protocol's existing $300 million in stablecoin deposits, making those balances native to ether.fi's product suite, including its Cash card business. The protocol has not disclosed the token's launch date, supported blockchains or specific backing assets.
Ether.fi's Cash card, launched in 2024, has processed nearly $1 billion in cumulative spend and supports more than 100,000 active cards.
Ethena's Whitelabel platform allows issuers to back branded tokens with various assets, including USDe (Ethena's synthetic dollar) or USDtb (issued by Anchorage Digital Bank). Whitelabel stablecoins can also be backed by other stablecoins.
Ether.fi is the latest protocol to issue a branded stablecoin through Ethena's platform. Jupiter launched JupUSD in October 2025 using Whitelabel. MegaETH introduced USDm the following month, also powered by Ethena Whitelabel and USDtb, with a pre-deposit bridge capped at $250 million. Sui lists suiUSDe as part of the Ethena Whitelabel ecosystem.
