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ETH The liquid stake agreement and the new decentralized bank ether.fi officially launch native U.S. dollar stablecoin
Based on the white-label infrastructure provided by the synthetic U.S. dollar agreement @ethena_labs, the liquidity pledge agreement and the new decentralized bank ether.fi have officially launched their native U.S. dollar pegged currency-ether.fi USD. This announcement marks a major transformation of EtherFi from a re-pledge platform to a full-stack financial product.
Operating mechanism of the white-label cooperation model
According to the cooperation agreement, Ethena is responsible for all back-end operations, covering issuance, reserve management, delta-neutral hedging, custody and compliance. EtherFi retains its brand identity and user relationships, while Ethena runs the underlying infrastructure that maintains the anchor value and redeemability of the tokens. This model is consistent with other protocol cases previously deployed by Ethena: Jupiter launched JupUSD on the Solana chain through this service, and MegaETH also released USDm in the same way.
Ethena's white-label platform is described as a "Stablecoin-as-a-Service" solution that allows any blockchain, protocol or application to issue fully customized and profitable stablecoins while leveraging Ethena's audited delta-neutral hedging engine and liquidity pool. This delta-neutral strategy maintains an anchored relationship with the U.S. dollar by hedging price risk by shorting the same amount of perpetual contract positions while holding collateral on crypto assets (such as pledged ETH).
Strategic significance for EtherFi
Currently, the stablecoin assets operating within the EtherFi ecosystem have exceeded US$300 million. By launching native stablecoins, existing liquidity is directly transformed into protocol native capital rather than remaining in third-party instruments. The move eliminates long-standing structural inefficiencies that in the past benefited external stablecoin issuers while platforms that focused on attracting deposits failed to benefit.
The key is that this move also gives EtherFi the ability to capture floating interest income on user deposits. Previously, this portion of the proceeds flowed to any stablecoin issuer that held underlying reserves. With the launch of ether.fi USD, EtherFi has regained this source of revenue. Combined with the development direction of decentralized new banks previously pursued by the agreement, this stablecoin release positions EtherFi as a key step in building a more vertically integrated financial product based on its re-pledge.
This release brings EtherFi to the growing number of DeFi protocols that are choosing to mince their own digital dollars rather than rely on external issuers, a trend that highlights the growing focus of competition across the industry.
