Ether.fi’s CASH product blows past $800M in total spend, with $600M coming in 2026 alone

Ether.fi’s CASH card, a Visa-linked product that lets users spend directly from their crypto vaults, has crossed $800 million in cumulative spend as of early September 2026. The kicker: roughly $600 million of that total was racked up this year. The numbers behind the surge Q1 2026 alone saw $170 million in spend volume, a 35% jump from the previous quarter. By late April, cumulative spending had already cleared $400 million, with monthly volumes regularly topping $50 million even during choppy market conditions. By early September, the CASH product had processed nearly 10 million transactions. Perhaps more telling than the raw volume is the average transaction size: below $100. That pattern suggests users aren’t making a handful of large purchases to game cashback rewards. They’re buying coffee, paying subscriptions, covering everyday expenses. The platform currently supports approximately 70,000 active cards and around 300,000 accounts, numbers that grew meaningfully after Ether.fi migrated the CASH product to Optimism’s OP Mainnet in February 2026. CASH also offers up to 3% cashback on transactions, credited directly back to user vaults. A revenue engine, not just a feature In Q...