TheBlock
Ether.fi rolled out an upgraded version of its non-custodial "neobank" on Thursday, folding tokenized stocks and metals, Aave-powered portfolio loans, expanded global fiat payments, and programmatic ETHFI buybacks into a single app. The "Summer" release lets users buy tokenized equities via xStocks, hold them in self-custodial vaults with social recovery, and borrow against portfolios at DeFi rates currently near 4% to fund ether.fi Cash card spending or other transfers. The protocol already counts around 500,000 users and 150,000 cards in circulation, CEO Mike Silagadze told The Block.
Why it matters
Ether.fi is positioning the app as a "less crypto-forward" alternative to traditional banks, with Silagadze framing the goal as replacing a conventional bank account for most users. The release lands in a wave of similar moves from Binance, Coinbase, Kraken and OKX, which have all begun layering tokenized stocks and banking-like features onto their trading apps in pursuit of financial super-app status. Putting yield-bearing collateral, Aave-rate borrowing and 3% cash-back spending into a single self-custody surface is the most aggressive "not a bank" pitch yet from a major restaking protocol.
Market impact
The integration routes borrowing through a new Optimism-based Aave market, a switch from the Scroll L2 the card previously used, and adds on- and off-ramps spanning more than 30 currencies and methods including Apple Pay and Cash App. Ether.fi has been steadily redeploying capital elsewhere: it recently exited weETH exposure on EigenLayer in favor of Symbiotic rails, and committed $3 billion in ETH as "validator liquidity" to ETHGas in a three-year deal. Tokenized stock trading remains restricted in the U.S. and certain other markets, where users will fall back to staking and fiat ramps.
Frequently asked questions
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What did Ether.fi launch in its 'Summer' release?
Ether.fi rolled out an upgraded neobank app combining tokenized stocks and metals, Aave-powered portfolio loans, expanded global fiat payments, and programmatic ETHFI buybacks into a single self-custody interface.
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How much can users borrow through the new Aave integration?
Users can borrow against their portfolio at DeFi rates currently around 4%, via a new Optimism-based Aave market that backs the ether.fi Cash card and other transfers.
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How many users and cards does Ether.fi already have?
Ether.fi counts around 500,000 users and roughly 150,000 cards in circulation, per CEO Mike Silagadze.
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Where can users trade tokenized stocks on the platform?
Users can buy tokenized equities and commodities through xStocks, though tokenized stock trading remains unavailable in the U.S. and certain other markets.
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What other recent moves has Ether.fi made?
Ether.fi recently exited weETH restaking exposure on EigenLayer in favor of Symbiotic rails and committed $3 billion in ETH as validator liquidity to ETHGas in a three-year deal.
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