EtherFi to launch branded stablecoin via Ethena infrastructure

EtherFi is launching its own branded stablecoin, EtherFi USD, utilizing Ethena’s Whitelabel infrastructure. Under this arrangement, Ethena will manage the underlying machinery, including reserves, minting, redemption, compliance, and liquidity integrations, while EtherFi maintains the brand and user relationship.

This move allows EtherFi to capture more value from the more than $300 million in stablecoin deposits currently held on its platform. For Ethena, the deal highlights its transition toward a ‘stablecoin-as-a-service’ model, providing the technical rails for other protocols to issue their own dollar-denominated tokens.

Ethena’s Whitelabel platform has previously been used by projects such as Jupiter and MegaETH. Ethena offers two primary backing options for these services: its synthetic dollar, USDe, or USDtb, which is backed by traditional assets and involves liquidity ties with BlackRock.