@ether_fi just announced EtherFi USD, a stablecoin powered by @ethena Whitelabel. EtherFi holds over $300M in stablecoin deposits, and Ethena will manage the reserves, minting, redemptions, and compliance. Meanwhile, cumulative spend on the EtherFi Cash card has grown ~5x since the end of 2025, to nearly $1 billion across 100,000+ active cards. At ~4% yields, that is $12 million per year.
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