Ether.fi unveils stablecoin powered by Ethena’s infrastructure

6.8 Stablecoins

Oct 6, 2026

Ether.fi launches ether.fi USD stablecoin, managed by Ethena. The token integrates with Ether.fi’s products and $300M in deposits. Backing assets and launch date remain undisclosed.

Ether.fi has introduced its own U.S. dollar stablecoin, ether.fi USD, utilizing Ethena’s white-label infrastructure for reserves management, minting, redemption, and compliance. This stablecoin will be integrated across Ether.fi’s suite of products, including its crypto card business, which has processed nearly $1 billion in cumulative spend and boasts over 100,000 active cards. Ethena will manage all backend operations, while Ether.fi will focus on the customer-facing brand. The platform currently holds over $300 million in stablecoin deposits, which will now be native to all Ether.fi products. However, details regarding the specific asset backing the stablecoin and its official launch date have not been disclosed. This move aligns with a broader trend of DeFi platforms launching branded stablecoins using Ethena’s infrastructure, as seen with Jupiter Exchange, MegaETH, and Sui Network. Meanwhile, Ethena’s token ENA has seen a technical pullback, trading near $0.24 amid increased selling pressure. The total stablecoin market capitalization has reached $307.567 billion, highlighting ongoing sector growth.