ether.fi Cash Card: status and timeline

Milestones

Next · $600M spend volume in 2026

ether.fi Cash card launchedSep 2024Complete.
Card migrate to OP MainnetFeb 2026Complete.
$600M spend volume in 2026Target Dec 2026Current milestone.

Most important updates

ether.fi Cash migrates to OP Mainnet for faster, cheaper card transactionsFeb 2026

Upcoming

Dec 2026$600M spend volume in 2026in about 7 weeks (next)

Current obstacles

Regulatory approval by jurisdictionCard programs require banking licenses in each country. Rollout is constrained by compliance timelines.
Fraud and volatilityCard fraud and intraday volatility impact economics. Risk models must account for market moves during settlement.

Physics limits

Stablecoin dependencySpending crypto directly requires price stability. Most card users need stablecoins for reliable spending.
Transaction finalityEthereum block times (~12 sec) are slow for card transactions, requiring batching or rollups for scale.

How it works

3 parts

Link crypto balance

Connect ether.fi wallet

Users link their ether.fi account to the card, including staked balances like eETH.

Spend instantly

Visa acceptance worldwide

The card works anywhere Visa is accepted. Transactions are settled using the user's crypto balance, converted to fiat at point of sale.

Earn on volume

Revenue from fees and lending

ether.fi earns interchange fees and lending revenue, which funds card rewards and onchain incentives.

Spec sheet

Spec	ether.fi Cash Card
Active cards	70,000^R (reported)
Lifetime spend volume	$800 million^R (reported)
2026 spend volume	$600 million^R (reported)
Cash revenue of total	26%^R (reported)

^R reported by the company

Update log

1 update

Feb 2026

Major: ether.fi Cash migrates to OP Mainnet for faster, cheaper card transactionsPressOther

About ether.fi

The team behind ether.fi Cash Card

ether.fi

Liquid staking, Restaking, Neobank

ether.fi is a non-custodial Ethereum restaking platform and neobank enabling users to earn rewards through liquid staking, restaking, and spending via the ether.fi Cash card. The platform separated staking and restaking risks in 2026, moving restaking to Symbiotic.

ether.fi controls ~2/3 of liquid restaking, with $11.5B TVL as of Q3 2026 after cutting EigenLayer exposure via Symbiotic.
The ether.fi Cash card exceeded $800M lifetime spend, with $600M in 2026. Q1 2026 saw $170M spend, up 35% from prior quarter.
eETH traded at $2,270–$2,283 in April 2026 with $504M market cap; Cash migrated to OP Mainnet in February 2026.

ether.fi (opens ether.fi)Company profile →

Founded: 20224 yrs
Headquarters: Cayman Islands
Status: Private
Valuation: private
Staff: ~41Sep 2025
Raised: $28M2 rounds
Last round: Series A · $23MFeb 2024
Works in: CryptoData & restaking
Coverage: 2 programs · 3 updateslatest 1 Aug 2026checked 11 Oct
Lead investors: Bullish CapitalCoinFundNorth Island VenturesChapter One
Partners: Symbiotic (opens symbiotic.fi)Visa (opens visa.com)
People: Mike SilagadzeFounder and CEO

Spec

ether.fi Cash Card

Active cards

70,000^R (reported)

Lifetime spend volume

$800 million^R (reported)

2026 spend volume

$600 million^R (reported)

Cash revenue of total

26%^R (reported)