Ethena Whitelabel launched in September 2025 as stablecoin-as-a-service: a partner keeps the brand, distribution, and economics, while Ethena runs issuance, reserves, custody, and redemptions. Backing can mix USDe with USDtb, the Anchorage-issued dollar tied to cash and BlackRock’s BUIDL fund.
In a year it went from a product announcement to the dollar layer under several of the larger crypto venues. Jupiter shipped jupUSD on Solana. MegaETH shipped USDm to subsidise sequencer fees. Sui added suiUSDe and the Treasury-backed USDi. Maple was first to use Whitelabel Liquidity, putting USDtb inside a roughly $400 million buffer for syrupUSDC and syrupUSDT. Yesterday ether.fi said it will issue ether.fi USD on the same rails, against $300 million-plus of stablecoins already in its app and a cash card past $1 billion in spend.
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