Ethena to issue ether.fi USD stablecoin on its whitelabel platform
- —Ethena takes on reserves, issuance, redemption and compliance for ether.fi USD
- —USDe supply is $4.8 billion against the $7.5 billion threshold for the ENA buyback
- —On October 5 the Ethena Foundation released 1.41 billion ENA, 14.3% of circulating supply
- —Net outflows from the Ethena protocol hit $104 million on October 8, the most since July
Why it matters: Each new whitelabel client widens Ethena's revenue base, but the ENA buyback hinges on USDe supply growing to $7.5 billion.
Source: CryptoTicker