On a monthly basis, Paymentscan, which tracks card activity onchain, reported that Ether.fi card users spent $123.7 million in September 2026 across 1.5 million transactions and 48,162 active addresses, according to a press release distributed by Ether.fi. That compares with $24.1 million in September 2025, an increase of more than five times in twelve months. The same release said the card has processed $918.1 million in cumulative spend since launching in April 2025.
Ether.fi has also said its monthly card volume rose in 13 of the last 15 months, even as bitcoin fell roughly 27% over the past year. Those figures come from the company’s own release, so readers should treat the comparison as issuer-reported.
Why Card Spend Matters for $ETHFI
Ether.fi started as a liquid restaking protocol and has moved toward consumer payments. Crypto Briefing reported that Cash accounted for 26% of Ether.fi’s total revenue in the first quarter of 2026, up from 14.2% in the fourth quarter of 2025. The card is a Visa-linked product that lets users spend directly from their crypto vaults.
Market share data also points to Ether.fi’s lead among onchain cards. Crypto Watch Daily reported that Ether.fi’s Cash card accounted for $55.4 million of tracked Visa crypto card volume in December 2025, over 60% of the market among tracked issuers.
Card spend is also a focus for token holders because of buyback activity tied to the product. Analysis published by TechFlow noted that weekly Cash spending had risen over an eight-week period while buyback funding stayed fixed, a point of debate among $ETHFI holders.
Are you bullish on $ETHFI? Weekly card volumes are one metric to watch alongside revenue, buyback structure and broader market conditions.
SpendNode: ether.fi crypto card volume
Crypto Briefing: Ether.fi CASH passes $800M in total spend
Ether.fi press release on MoonPay infrastructure and card spend
