ether.fi
$0.0B
Total value locked · DefiLlama, Oct 2026
~$0B
Card spend, all time · Sep 2026
0K+
Members · Aug 2026
ether.fi began by staking ETH and grew into one account to save, spend, borrow and trade, now with tokenized stocks and a stablecoin of its own.
Figures from DefiLlama and ether.fi, Oct 2026.
Stake
Liquid restaking: deposit ETH, get eETH or weETH that keep earning while usable across DeFi.
Liquid
Automated yield vaults, mostly run by Veda; Midas runs the RWA and reserve vaults.
Cash
Self-custodial Visa credit card. Direct Pay spends your balance; Borrow Mode spends against your crypto without selling it.
Markets
Tokenized stocks and metals through xStocks, traded from the same account. Not available in the US.
Borrow
A dedicated Aave market lending at about 4% against ETH, BTC, HYPE, ETHFI, and select stocks and gold.
ether.fi USD
Its own dollar, issued through Ethena's Whitelabel platform, which handles reserves, minting, redemption and compliance. Ticker and backing not yet disclosed.
Before
After
Staking and vaults form the balance sheet; the Cash card runs on OP Mainnet; stocks come from xStocks; borrowing uses a dedicated Aave market; the new dollar is issued with Ethena.
…replace the traditional bank for most users.
Analysis · not a Tempo customer
Settle card spend in seconds
Card programs settle daily; sub-second finality and stablecoin fees could settle spend and cashback as it happens.
A dollar with rules built in
TIP-20 issuance carries memos and shared TIP-403 compliance policies, the plumbing a branded dollar needs.
Fiat accounts that reconcile
Virtual deposit addresses and transfer memos match each incoming payment to a user.
A weekend cash leg for stocks
Tokenized stocks trade 24/7; a payments chain that never closes keeps the cash side moving too.
Sources