Ether.fi Card Hits $10 Million Daily Transaction Milestone as Crypto Firms Expand Financial Services
By Zachary Rampone, DL News – June 30, 2025
Ether.fi’s crypto-native credit card has reached a significant milestone, surpassing $10 million in daily transaction volumes. This breakthrough underscores a growing trend as more cryptocurrency firms launch financial products aimed at attracting new customers and blurring the lines between traditional finance and decentralized finance (DeFi).
Rapid Growth of Ether.fi’s Crypto Credit Card
Since its introduction in 2024, Ether.fi’s payment card has gained substantial momentum. By June 30, 2025, daily transaction volumes had exceeded $10 million, with users spending over $200,000 per day on the platform. The card has processed upwards of 80,000 transactions and issued more than 2,500 cards to users worldwide.
Mike Silagadze, CEO of Ether.fi, shared his vision for the product last year on The Whale podcast. “We want to create a crypto-native financial services product that people can use to save, invest, and spend their money and never have to off-ramp them to TradFi again," Silagadze explained, emphasizing the company’s goal of providing a seamless crypto financial ecosystem.
Competition Heats Up in Crypto Financial Services
Ether.fi is not alone in launching crypto credit cards. The burgeoning fintech landscape sees an increasing number of crypto-native firms entering the traditional financial services space to capitalize on growing mainstream interest in digital assets. This expansion is taking place amid a supportive political climate, as exemplified by the pro-crypto stance of the current U.S. administration.
Major fintech and crypto companies such as Coinbase and Gemini have introduced their own crypto credit and debit cards. Centralized exchanges like Bybit and Crypto.com similarly offer debit cards, while platforms like Nexo provide both credit and debit options in regions like the UK and the European Union. During the 2024 holiday season, Nexo reported more than $50 million in transaction volume through their cards.
Beyond crypto, other non-financial brands such as Uber, Apple, and Amazon have successfully launched credit cards to diversify revenue streams and increase customer loyalty, providing a proven model that crypto firms are keen to replicate.
Ether.fi’s DeFi Strength and Unique Offerings
Ether.fi holds over $6 billion in total value locked (TVL), ranking it as the fifth-largest DeFi protocol globally by deposited value. The platform offers diversified yield products, including liquid staking for Ethereum, further attracting users interested in managing and growing their digital assets.
The Ether.fi credit card also allows users to borrow Circle’s USDC stablecoin by leveraging their existing yield-bearing assets. This borrowing feature lets users access liquidity with potentially 0% interest while earning cash-back rewards. To date, nearly $2.8 million has been borrowed through the platform, with $1.6 million still outstanding.
Concerns and Risks to Consider
While the innovation is notable, some experts urge caution. Mak Hays, associate director for cryptocurrency and financial technology at Americans for Financial Reform, a U.S. non-profit advocating stronger financial regulations, highlighted the need for consumers to understand the risks associated with crypto-based credit cards.
“For example, who’s the wallet provider if the consumer gets rewarded Bitcoin? What happens if it gets stolen? Who’s on the hook for that?” Hays asked in a recent interview with the Wall Street Journal, underscoring the regulatory and security uncertainties still surrounding crypto financial products.
Ether.fi has not publicly responded to recent requests for comment on its credit card developments or security measures.
Looking Ahead
The achievement of hitting the $10 million daily transaction mark signals the growing acceptance and normalization of crypto financial services. As the crypto sector continues to mature, the competition among exchanges, fintech startups, and traditional companies integrating blockchain technology is expected to intensify.
With more consumers becoming comfortable with digital assets, financial products like Ether.fi’s crypto-native credit card could play a pivotal role in bridging decentralized finance with everyday spending, investment, and borrowing needs.
Zachary Rampone is a DeFi correspondent at DL News. For tips, contact him at [email protected].