Bitfinex-backed Plasma secures EtherFi partnership with $500 million ETH vault integration

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Bitfinex-backed Plasma announced a strategic partnership with EtherFi on Aug. 29, positioning the stablecoin-focused neobank as a day-one launch partner for the blockchain’s mainnet beta.

EtherFi will transfer over $500 million from its Ethereum (ETH) staking vault to Plasma’s platform, providing liquidity for stablecoin-backed yield strategies.

The collaboration integrates EtherFi across Plasma’s DeFi ecosystem, providing users with additional collateral options for lending and borrowing while offering access to ETH-backed yield products.

Plasma’s announcement emphasized how the partnership complements both platforms’ objectives in the stablecoin infrastructure space. The protocol stated:

“Stablecoins give everyone, everywhere permissionless access to the financial service of saving money safely and reliably.”

EtherFi is the sixth-largest DeFi protocol, with a total value locked of over $11 billion as of Aug. 29. The protocol...

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