EtherFi is about to issue a white-label stablecoin through Ethena. Ethena previously used the same white-label setup for jupUSD, suiUSDe, and MegaETH's USDm, with a combined circulation of less than $80 million. EtherFi currently has around $300 million in stablecoin deposits, so it's likely to become Ethena's largest white-label stablecoin client to date.