Ether.fi has launched its own stablecoin using Ethena’s white-label infrastructure, which means Ethena will handle the main work behind the token. This includes managing its reserves, creating new tokens, allowing users to redeem them and handling compliance. Ether.fi, which already has more than $300 million in stablecoin deposits, is joining a growing list of crypto projects using Ethena’s technology to launch their own stablecoins.
EtherFi is launching their own stablecoin, powered by Ethena Whitelabel.
@ether_fi has >$300m of stablecoin deposits held across their platform. Reserves, mint and redeem, & compliance for @ether_fi USD will be managed end to end by Ethena.
Since launching their category-defining Cash card in 2024, they have scaled to nearly $1 billion in cumulative spend and more than 100,000 active cards.
The best stablecoin neobanks will move to own the entire stack and earn from idle deposit balances alongside their broader product suite.
— Ethena (@ethena) October 6, 2026
The new stablecoin is part of Ether.fi’s plan to expand its services in the digital asset market. The company had earlier launched a cash card in 2024. Since then, its cards have recorded almost $1 billion in total spending, with more than 100,000 active cards.
Ethena is providing the technology and infrastructure for Ether.fi’s stablecoin. This type of arrangement is known as a white-label service. In simple terms, one company provides the technology while another company uses it to offer a product under its own name.
Introducing ether․fi USD
ether․fi’s very own US dollar-denominated stablecoin powered by @Ethena
$300M+ in stablecoins already live on ether․fi, and USD makes all of it native to every product we ship https://t.co/8kuq9JcUtf
— ether.fi (@ether_fi) October 6, 2026
Ether.fi is not the only crypto project taking this route. Jupiter Exchange, MegaETH and Sui Network are among other projects that have launched stablecoin products using Ethena’s infrastructure.
The launch comes when the stablecoin market is growing rapidly. According to DefiLlama data from October 6, the total value of all stablecoins had reached about $307.57 billion. The market grew by around $1.29 billion, or 0.42%, in the previous seven days.
Tether’s USDT remains the biggest stablecoin, with a market value of about $184.15 billion. It accounts for nearly 60% of the total stablecoin market. USDC is second with about $74.33 billion. Ethena’s USDe is also among the five largest stablecoins, with a market value of about $4.96 billion.
There is also growing interest in using stablecoins for everyday payments. A recent Visa survey found that 46% of people surveyed in the Asia-Pacific region said they were likely to use stablecoins for payments or money transfers within the next five years. However, actual use is still much lower. Only 16% said they had used stablecoins during the previous 12 months.
The survey also showed that many people are still not clear about how stablecoins work. Although 66% of respondents had heard about stablecoins, only 6% showed a correct understanding of them.
Ethena has also been expanding its own stablecoin products. In September, it made USDe and its yield-bearing version, sUSDe, available on the TRON network through Stargate Finance.
Ether.fi’s launch therefore comes at a time when stablecoins are moving beyond their earlier use mainly in crypto trading. Companies are now looking at them for payments, money transfers, financial products and other uses.
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