https://preview.redd.it/kb1pr4eh02uh1.png?width=1712&format=png&auto=webp&s=9a9f99b65e6b56cd81240dd373f22db5e66e6e3f Ethena Whitelabel launched in September 2025 as stablecoin-as-a-service: a partner keeps the brand, distribution, and economics, while Ethena runs issuance, reserves, custody, and redemptions. Backing can mix USDe with USDtb, the Anchorage-issued dollar tied to cash and BlackRock’s BUIDL fund. In a year it went from a product announcement to the dollar layer under seve
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