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EtherFi to launch Ethena-backed stablecoin
Ethena to power EtherFi's white-label stablecoin; EtherFi holds over $300M in stablecoin deposits and nearly $1B cumulative card spend.
Key points
- EtherFi is launching its own stablecoin, powered by Ethena Whitelabel.
- EtherFi holds more than $300m of stablecoin deposits across its platform; reserves, mint and redeem, and compliance for EtherFi USD will be managed end to end by Ethena.
- Since launching its Cash card in 2024, EtherFi has scaled to nearly $1 billion in cumulative spend and more than 100,000 active cards.
- The original poster noted EtherFi joins Maple Finance, Jupiter Exchange, MegaETH, Sui Network and others in building their own stablecoin products on Ethena's infrastructure.
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Original post
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.
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From @ethena, @therealsercan, @0xTraderSam and others. Spam removed, with English and Chinese translations.
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