🟣 Ethena's Whitelabel: A Credible Alternative to Tether and Circle? Stablecoins generate massive revenues for their issuers. However, the business model of the sector's historical leaders, Tether and Circle, relies on a predatory structure: all these revenues, coming from Treasury bills serving as collateral among other sources, end up entirely in their coffers. It's precisely in this context that Ethena's "Whitelabel" solution comes in, offering a turnkey alternative: enabling every blockchain, protocol, or application to launch its own native stablecoin while capturing the associated revenues. ⬜ Ethena's Whitelabel Offering In September 2025, @ethena_labs announced the launch of a new service: Ethena Whitelabel. It's a stablecoin-as-a-service infrastructure that allows any blockchain, application, or wallet to launch a stablecoin while minimizing the technical complexity usually involved. This offering leverages the technology that built Ethena's reputation: USDe. But unlike the latter, whitelabel stablecoins are completely sovereign in their branding, usage, and distribution, while Ethena acts solely as a monetary infrastructure provider. Here's why Ethena's Whitelabel solution represents a potential game changer for those who adopt it: ◽ Revenue sharing: whitelabel stablecoins return the majority of their revenues to the issuer, while Ethena only receives a minority share. ◽ Turnkey solution: stablecoin issuance is now possible in a few weeks, compared to several months previously. ◽ Modular structure: whitelabel stablecoins can be collateralized by USDtb (Ethena's T-bill-backed stablecoin), USDe (its synthetic stablecoin), or both simultaneously. ◽ Liquidity: Ethena plans to implement a liquidity layer, a PSM-type module (Peg Stability Module), allowing conversion of USDtb-backed assets against stablecoins in USDe's reserve (USDC, USDT, etc.). In short, a win-win offering that enables different players to develop a new revenue vertical previously reserved for hegemonic issuers, while allowing Ethena to grow its image, TVL, and therefore revenues. ⬜ Mapping Although recently announced, Ethena's Whitelabel solution has already found its audience: ◽ @megaeth: The Layer 2 plans to launch its native stablecoin USDm based on USDtb, where the generated yield will subsidize sequencer fees and blockchain transactions, directly maintaining extremely low and stable costs for users and developers. ◽ @JupiterExchange is also betting on a stablecoin backed by USDtb. It will have numerous use cases, as it will be the true default asset of the Jupiter ecosystem: trading, DeFi, lending, etc. For Ethena, this offers a premium showcase on Solana, with Jupiter being literally the biggest protocol on the blockchain. ◽ @SuiNetwork is taking a different approach and plans to launch 2 stablecoins: suiUSDe, 100% collateralized by USDe, and USDi, collateralized by USDtb. A hybrid approach that will allow Sui to fund a buyback program for its SUI token, among other things. ◽ Blockchain infrastructure providers @Calderaxyz and @conduitxyz have added Whitelabel to their tooling marketplace. In other words, blockchains based on Caldera or Conduit now benefit from the ability to include this innovation natively. ⬜ Perspectives Ethena's Whitelabel offering establishes a true virtuous circle: partner growth fuels Ethena's TVL growth, which in turn increases the value captured by users. For blockchains and protocols, the benefits are clear: sovereignty over their stablecoin flows, new revenue sources, and enhanced capabilities to support and fund their ecosystem. For Ethena, each new partner strengthens the entire infrastructure. Each stablecoin issuance via Whitelabel mechanically increases demand for USDe and USDtb, which drives up TVL, improves liquidity, and ultimately increases revenues redistributed to sENA holders, the staked version of the ENA token. Ethena thus embodies an unprecedented horizontal integration model in DeFi: rather than centralizing monetary power, the protocol aims to become the invisible monetary layer of on-chain payments, capturing a fraction of the yield generated by each stablecoin issued on its infrastructure. The complete analysis of Ethena's Whitelabel solution can be found in the comments 👇