ether.fi launched ether.fi USD, its own dollar stablecoin built on Ethena’s whitelabel service. The $300M+ in stablecoins already on ether.fi becomes native to every product it ships.

Ethena runs issuance, backing, custody, reserves and liquidity in the background, while ether.fi keeps the brand and shares in the revenue. Jupiter’s jupUSD and MegaETH’s USDm launched the same way. The backing mix, USDe or the GENIUS-compliant USDtb, hasn’t been disclosed.

ether.fi has been moving from liquid staking toward neobank products, and last week said it will fully exit EigenLayer this quarter.

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