Ether.fi to Launch Own Stablecoin With Ethena Managing Reserves

This pushes ether.fi beyond staking and restaking into issuing its own dollar instrument, but the economics sit with Ethena, which controls reserves, minting, redemptions and compliance. That makes the token less a standalone product than a distribution layer for Ethena's model, aimed at capturing stablecoin balances already sitting on the platform rather than competing broadly. The open question is whether that captive demand is enough to matter, and how much control ether.fi retains over an asset it brands as its own.