Ether.fi is launching its own U.S. dollar stablecoin, ether.fi USD, on Ethena’s white-label stablecoin service, the two companies announced on Tuesday. Ethena will manage reserves, minting, redemptions and compliance end to end, while ether.fi owns the brand and distribution.
The stablecoin gives ether.fi a way to earn on idle deposits already sitting in its products. The protocol, which built its business on liquid restaking, holds more than $300 million in stablecoin deposits across its platform, and its Cash card has processed around $1 billion in cumulative spend across more than 100,000 active cards since launching, according to ether.fi.
Ethena framed the pitch plainly: “The best stablecoin neobanks will move to own the entire stack and earn from idle deposit balances alongside their broader product suite.”
Neither company has said when ether.fi USD will go live, which chains it will run on, how revenue will be split, or what will back it. Ethena’s white-label product lets issuers back their token with USDe, Ethena’s synthetic dollar, which holds spot crypto against short perpetual futures positions and earns from staking and funding rates. Issuers can also use USDtb, a token issued by Anchorage Digital Bank and backed by traditional reserve assets in a structure Ethena describes as GENIUS Act-compliant, or other stablecoins. A card balance backed by USDe would carry funding-rate and derivatives-venue exposure that a Treasury-backed token would not, and ether.fi users have no way yet of knowing which they will hold.
Ether.fi joins Jupiter, MegaETH and Sui on Ethena’s white-label platform, which issues JupUSD, USDm and suiUSDe respectively. For Ethena, the white-label business is a way to grow distribution at a time when USDe has contracted to a market capitalization of about $4.96 billion, roughly a third of the nearly $15 billion it reached in October 2025.
Separately, Ether.fi is deepening its consumer banking push through a MoonPay partnership. MoonPay will become the official payments infrastructure partner for Ether.fi’s crypto neobank, supplying Headless Ramps, MoonPay Trade, Enterprise Virtual Accounts and Crypto Deposits. The integration will embed fiat purchases and withdrawals directly into Ether.fi’s interface, support cross-chain routing and conversions, and provide account and routing details across ACH, Fedwire, SWIFT, Faster Payments and SEPA. Users will complete identity verification once and reuse it across supported services, while keeping control of their wallet keys. MoonPay will handle fiat payment processing and compliance through its licensed payments infrastructure.
The expansion follows rapid card growth. Ether.fi reported September card spending of $123.7 million across 1.5 million transactions, compared with $24.1 million in September 2025, with more than 48,000 active addresses using the card during the month. Since its April 2025 launch, the card has handled approximately $918 million in cumulative spending; the company also reported 11.6 million cumulative transactions involving 113,000 addresses.
Co-founder and Chief Growth Officer Rok Kopp said everyday banking applications are the benchmark for the company’s product experience. MoonPay founder and CEO Ivan Soto-Wright emphasized simpler money movement as the rationale behind the agreement.
