Ether.fi is launching its own U.S. dollar stablecoin, ether.fi USD, adding a new product to a business that started in Ethereum liquid staking and later expanded into crypto cards.
The token is being built on Ethena Whitelabel, the stablecoin-as-a-service platform run by Ethena, the issuer of USDe. Ether.fi introduced the token on X on Tuesday, just seconds after Ethena announced the partnership.
Under the arrangement, Ethena will handle the token’s reserves, minting and redemptions, and compliance from end to end, according to Ethena.
Neither company said when ether.fi USD will go live, which blockchains it will run on, or which assets will back it.
Focus is on funds already held on Ether.fi
Ethena said the target is money already sitting on Ether.fi. The platform holds more than $300 million in stablecoin deposits, according to Ethena. In its own post, Ether.fi said the new token would make all of that capital native to every product it ships.
Tied to the Cash card business
Ethena connected the launch to Ether.fi’s Cash card. It said the card went live in 2024, has processed nearly $1 billion in cumulative spend, and has more than 100,000 active cards.
In its announcement, Ethena wrote: 「The best stablecoin neobanks will move to own the entire stack and earn from idle deposit balances alongside their broader product suite.」
Reserve options on Ethena Whitelabel
According to Ethena’s Whitelabel website, issuers on the platform can back their tokens with USDe, Ethena’s synthetic dollar. They can also use USDtb, which Ethena describes as issued by Anchorage Digital Bank in a GENIUS-compliant manner, or other stablecoins.
Another branded dollar on Ethena’s platform
Ether.fi is the latest crypto project to issue a branded dollar through Ethena. In October 2025, Solana trading platform Jupiter partnered with Ethena on JupUSD. 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. The company has identified Whitelabel stablecoins as one of its core business lines, alongside USDe savings.