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EtherFi stated that users will be able to use the card for payments anywhere in the world.
EtherFi, the foremost Ethereum restaking protocol, has revealed plans to introduce a credit card tied to users’ restaked ETH holdings. Unveiled on May 23, the EtherFi Cash will feature a Visa credit card integrated with a mobile wallet.
Payments can be made by either converting a portion of users’ holdings into USDC or borrowing USDC against their EtherFi portfolio. Interest accrued can be paid using rewards earned from users’ eETH holdings.
“Reliance on TradFi payment rails is still a major censorship risk and a usability nightmare,” EtherFi stated. “Cash is the third product in our Trilogy—ether.fi Stake, ether.fi Liquid, and ether.fi Cash. Together, these integrated products enable users to save, invest, and spend their crypto, eliminating the need to off-ramp.”EtherFi also mentioned that the card can be used “anywhere in the world.”
The Rise of EtherFi
The news comes as EtherFi cements its position as a leading DeFi protocol.Currently ranked seventh by total value locked (TVL), EtherFi boasts a TVL of $5.66 billion, having grown nearly 50% in the past 30 days. 
This growth has been fueled by ETH rallying over 27% in the past week due to renewed optimism around a spot Ether ETF. It initiated the recent boom in liquid restaking tokens (LRT).
The protocol removes technical barriers for users participating in native restaking via EigenLayer while allowing them to stay liquid. Restaking enables users to earn additional yields by delegating their staked Ether to secure third-party protocols while also securing the Ethereum blockchain.
According to DeFi Llama, LRT protocols now have a combined TVL of $14 billion. Mike Silagadze, the founder of EtherFi, described the launch of Cash as a crucial step in the project’s mission to eliminate technical friction in on-chain finance and pave the way for mainstream adoption.
“Over time, protocols will offer a suite of integrated products that simplify DeFi, including chains, derivatives, and strategies,” Silagadze said. “They will resemble consumer products focused on delivering value to the user.”
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