The State of Neobanking
How crypto cards work under the hood, who gets paid on every swipe, and whether any of it pays back.
18 built, 0 planned, draft
Built
Total stablecoin supply
| Jan 2020 | $5.23B |
| Feb 2020 | $5.23B |
| Mar 2020 | $5.5B |
| Apr 2020 | $9.15B |
| May 2020 | $10.59B |
| Jun 2020 | $11.36B |
| Jul 2020 | $12.95B |
| Aug 2020 | $16.28B |
| Sep 2020 | $19.22B |
| Oct 2020 | $21.19B |
| Nov 2020 | $23.61B |
| Dec 2020 | $27.07B |
| Jan 2021 | $36.63B |
| Feb 2021 | $50.76B |
| Mar 2021 | $62.76B |
| Apr 2021 | $83.56B |
| May 2021 | $102.35B |
| Jun 2021 | $109.62B |
| Jul 2021 | $114.66B |
| Aug 2021 | $118.05B |
| Sep 2021 | $127.37B |
| Oct 2021 | $131.87B |
| Nov 2021 | $148.38B |
| Dec 2021 | $162.53B |
| Jan 2022 | $173.21B |
| Feb 2022 | $184.08B |
| Mar 2022 | $187.1B |
| Apr 2022 | $186.79B |
| May 2022 | $158.73B |
| Jun 2022 | $152.79B |
| Jul 2022 | $152.83B |
| Aug 2022 | $152.6B |
| Sep 2022 | $149.5B |
| Oct 2022 | $145.64B |
| Nov 2022 | $141.06B |
| Dec 2022 | $137.46B |
| Jan 2023 | $136.62B |
| Feb 2023 | $134.6B |
| Mar 2023 | $131.73B |
| Apr 2023 | $129.9B |
| May 2023 | $128.9B |
| Jun 2023 | $127.7B |
| Jul 2023 | $125.28B |
| Aug 2023 | $124.84B |
| Sep 2023 | $123.45B |
| Oct 2023 | $124.01B |
| Nov 2023 | $127.85B |
| Dec 2023 | $130.1B |
| Jan 2024 | $134.75B |
| Feb 2024 | $140.2B |
| Mar 2024 | $150.17B |
| Apr 2024 | $159.32B |
| May 2024 | $160.25B |
| Jun 2024 | $161.15B |
| Jul 2024 | $164.16B |
| Aug 2024 | $170.17B |
| Sep 2024 | $172.93B |
| Oct 2024 | $173.2B |
| Nov 2024 | $195.15B |
| Dec 2024 | $205.45B |
| Jan 2025 | $218.2B |
| Feb 2025 | $225.09B |
| Mar 2025 | $234.2B |
| Apr 2025 | $241.01B |
| May 2025 | $245.98B |
| Jun 2025 | $251.98B |
| Jul 2025 | $264.56B |
| Aug 2025 | $281.66B |
| Sep 2025 | $296.05B |
| Oct 2025 | $305.94B |
| Nov 2025 | $305.23B |
| Dec 2025 | $306.66B |
| Jan 2026 | $304.36B |
| Feb 2026 | $307.3B |
| Mar 2026 | $313.16B |
| Apr 2026 | $317.27B |
| May 2026 | $317.57B |
| Jun 2026 | $309.56B |
| Jul 2026 | $303.87B |
| Aug 2026 | $307.34B |
| Sep 2026 | $311.2B |
| Oct 2026 | $311.59B |
DefiLlamaUpdated Oct 9, 2026Sumcap ResearchFirst-wave crypto cards, 2015 to 2017
| Card | Launched | Where |
|---|---|---|
 E-Coinlater Wirex | Jan 2015 | Sold worldwide from London; USD cards first |
 Cryptopay | Mid-2015 | UK and Europe |
| Shiftwith Coinbase | Nov 2015 | US, 24 states; the first US-issued bitcoin debit card, per Coinbase |
| Bitwala | Dec 2015 | Europe, from Berlin; euro balance |
 BitPay | May 2016 | US, all 50 states; an international card from May 2017 |
| TenX | 2017 | Sold worldwide from Singapore; EU only from 16 Oct 2017 |
- E-Coinlater WirexJan 2015
- Where
- Sold worldwide from London; USD cards first
- CryptopayMid-2015
- Where
- UK and Europe
- Shiftwith CoinbaseNov 2015
- Where
- US, 24 states; the first US-issued bitcoin debit card, per Coinbase
- BitwalaDec 2015
- Where
- Europe, from Berlin; euro balance
- BitPayMay 2016
- Where
- US, all 50 states; an international card from May 2017
- TenX2017
- Where
- Sold worldwide from Singapore; EU only from 16 Oct 2017
Crypto card launches, 2023 to 2026
 Gnosis Pay | Jul 2023 (shipping Feb 2024) |  Monavate | Self-custodial |  Visa | EEA, UK and Switzerland | EURe, GBPe or USDC.e on Gnosis Chain | Consumer card and web app close 20 Dec 2026, B2B only after. |
 RedotPay | Nov 2023 |  Reap | Hybrid | Visa | 100+ countries, not US or mainland China | USDT, USDC, BTC, ETH held in the app | Hybrid: custodial account by default, plus an optional self-custody Smart Contract Vault the card can also spend from. |
 KAST | 2024 |  Rain | Custodial | Visa | 170+ countries (KAST's figure) | USD balance funded with USDC or USDT (10+ chains) | Cards live by Sep 2024; no dated launch announcement. |
 Ether.fi Cash | Sep 2024 | Rain | Self-custodial | Visa | 100+ countries incl. 31 US states, UK and most of the EU | USDC, or USDC borrowed against ETH or BTC, on OP Mainnet | Launched in Hong Kong first, not in the US at launch. Moved from Scroll to OP Mainnet in Apr 2026. |
 Avalanche Card | Feb 2025 | Rain | Self-custodial | Visa | Latin America, the Caribbean and most US states | USDC, USDT, AVAX or WAVAX on Avalanche | n/a |
 Phantom Cash | Dec 2025 (early access) |  Bridge + Lead Bank | Not stated | Visa | US, not New York | CASH stablecoin on Solana | n/a |
 MetaMask (US) | Feb 2026 | Cross River Bank, with Baanx | Self-custodial |  Mastercard | US (nationwide) | USDC, USDT, mUSD or wETH on Linea, Base, Solana or Monad | US general availability 26 Feb 2026. The card has run in the EU, UK and other markets since 2024. |
 Hyperbeat | Apr 2026 | Rain | Self-custodial | Visa | Outside the US | USDC or USDT on HyperEVM, or credit against BTC, ETH or HYPE | Card terms date from 27 Nov 2025 and small spend shows from Jan 2026. Apr 2026 is the Liquid Banking launch. |
 Plasma One | Jun 2026 (private beta from Mar 2026) | Rain | Self-custodial | Visa | Global ex-US | USDT (USDT0) on Plasma | n/a |
 Krak (US) | Aug 2026 |  Lead Bank | Custodial | Visa | US | USD and 600+ assets held in Krak, converted at payment | Krak's card has run in the UK and EEA since Nov 2025. |
| Wirex One | Sep 2026 (beta from Jun 2026) | Wirex | Self-custodial | Visa | 66 countries, not US | Stablecoin balances (USDC, EURC) on Arc | Announced 20 May 2026, closed beta with 20k+ users from June, public launch 16 Sep 2026. |
 Ethena Pay | Sep 2026 (beta) | Rain | Self-custodial | Visa | 48 countries, not US or EU | USDe on Avalanche | Beta opened 1 Sep 2026. Small early-access spend from Jul 2026. |
 MoneyGram | Sep 2026 (Colombia) | Rain | Not stated | Visa | Colombia | USDC on Stellar | Virtual only at launch. Physical card and more markets planned for late 2026. |
HyperbeatMonthly crypto card spend by program
| Sep 2025 | $280.4M | $12.8M | $19.9M | $49.3M | $46.1M | $408.4M |
| Oct 2025 | $292.0M | $28.6M | $28.8M | $62.1M | $54.9M | $466.2M |
| Nov 2025 | $275.0M | $37.2M | $32.5M | $66.4M | $72.7M | $483.7M |
| Dec 2025 | $282.2M | $42.7M | $47.2M | $68.6M | $78.0M | $518.8M |
| Jan 2026 | $282.4M | $57.7M | $49.3M | $96.2M | $87.6M | $573.2M |
| Feb 2026 | $269.5M | $56.0M | $45.5M | $156.1M | $84.0M | $611.2M |
| Mar 2026 | $309.5M | $60.1M | $53.0M | $198.1M | $109.2M | $729.8M |
| Apr 2026 | $315.7M | $66.6M | $62.0M | $204.4M | $119.8M | $768.6M |
| May 2026 | $339.7M | $76.2M | $75.0M | $217.7M | $139.6M | $848.2M |
| Jun 2026 | $356.9M | $77.3M | $76.0M | $228.0M | $136.2M | $874.5M |
| Jul 2026 | $395.1M | $89.6M | $93.1M | $251.7M | $184.7M | $1.01B |
| Aug 2026 | $403.6M | $104.8M | $100.8M | $297.3M | $182.7M | $1.09B |
PaymentscanUpdated Sep 30, 2026Sumcap Research
PaymentscanMonthly transactions and active addresses
| Aug 2025 | 5,691,955 | 68,200 |
| Sep 2025 | 5,690,193 | 98,021 |
| Oct 2025 | 6,011,171 | 113,373 |
| Nov 2025 | 6,108,232 | 134,602 |
| Dec 2025 | 6,704,889 | 171,453 |
| Jan 2026 | 7,408,830 | 205,434 |
| Feb 2026 | 7,650,937 | 233,146 |
| Mar 2026 | 8,970,753 | 259,210 |
| Apr 2026 | 9,257,905 | 250,874 |
| May 2026 | 9,812,588 | 256,929 |
| Jun 2026 | 9,745,488 | 258,022 |
| Jul 2026 | 10,561,793 | 261,615 |
| Aug 2026 | 11,075,027 | 287,636 |
PaymentscanUpdated Oct 8, 2026Sumcap ResearchWhat happens when you tap
Authorization
about 2 secondsYoucard or phone
Shopterminal or checkout
Shop's bank
Visa or MastercardIssuer and processor
App
RequestYes
At approval, the app pays
inside the same 2 secondsCustodial appThe issuer checks its own ledger. Nothing moves onchain.
Self-custodial appStablecoins move from your wallet to the issuer.Gnosis Pay: about 2 secondsSettlement
once a day, 1 to 2 days laterShopis paid
Shop's bank
Visa or MastercardIssuerpays one net amount
The card stack, and what each layer keeps
LayerWhoKeeps
AppRedotPayEther.fiKASTand the restWhat is left of interchange, about $0.88 per $100 in the US, plus FX spread and fees
RedotPayEther.fiKASTand the restWhat is left of interchange, about $0.88 per $100 in the US, plus FX spread and feesSettlementIssuer and networkRain in USDC, 7 days a weekNo fee: collateral is locked, and whoever holds the balance earns the float
Rain in USDC, 7 days a weekNo fee: collateral is locked, and whoever holds the balance earns the floatProcessors
Lithic
Thredd
Paymentology
Marqeta
Stripe (Bridge)A small cut per swipe (Marqeta about 16bps), plus $0.10 per virtual card, $3.50 physical, $15 per dispute
LithicThreddPaymentologyMarqetaStripe (Bridge)A small cut per swipe (Marqeta about 16bps), plus $0.10 per virtual card, $3.50 physical, $15 per disputeIssuersReap51.4%Rain38.9%Wirex6.3%Monavate1.0%The sponsor's share, usually 10-30% of issuing-side interchange; the whole infrastructure layer takes about 20bps
Reap51.4%Rain38.9%Wirex6.3%Monavate1.0%The sponsor's share, usually 10-30% of issuing-side interchange; the whole infrastructure layer takes about 20bpsNetworksVisa96%Mastercard4%About 13-15bps plus fixed fees, none of the interchange
Visa96%Mastercard4%About 13-15bps plus fixed fees, none of the interchangePaymentscanVisaUpdated Sep 13, 2026Sumcap ResearchVisa stablecoin settlement and card programs
Stablecoin settlement, annualized run rate
Stablecoin-linked card programs
| settlement | Sep 2025 | FY25 | 2.5 |
| settlement | Nov 2025 | US launch | 3.5 |
| settlement | Apr 2026 | 9 chains | 7 |
| settlement | Sep 2026 | Latest | 20 |
| programs | 2024 | 2024 | 40 |
| programs | 2025 | 2025 | 90 |
| programs | Sep 2026 | Latest | 160 |
VisaUpdated Sep 30, 2026Sumcap Research30-day spend by app, issuer and processor
| RedotPay | $392.7M | Reap | Thredd and Paymentology |
| Ether.fi | $118.7M | Rain | Lithic |
| KAST | $98.1M | Rain | Lithic |
 Karta | $44.5M | Rain | Lithic |
| Plasma One | $20.6M | Rain | Lithic |
 Tria | $15.0M | Rain | Lithic |
| Wirex One | $39.9M | Wirex | Not disclosed |
 Coca | $8.0M | Wirex | Not disclosed |
| Gnosis Pay | $8.0M | Monavate | Not disclosed |
PaymentscanUpdated Sep 13, 2026Sumcap ResearchCard processors and the apps they run
| Processor | Runs for (issuer) | Apps |
|---|---|---|
| Lithic | Rain | Ether.fi CashKASTPlasma OneTriaKarta |
| Thredd | Reap | RedotPay |
| Paymentology | RainRedotPay | RedotPay |
| Marqeta |  Pathward |  Coinbase Card |
| Stripe | Lead Bank | Phantom |
- Lithic
- Issuer
- Rain
- Apps
- Ether.fi CashKASTPlasma OneTriaKarta
- Thredd
- Issuer
- Reap
- Apps
- RedotPay
- Paymentology
- Issuer
- RainRedotPay
- Apps
- RedotPay
- Marqeta
- Issuer
- Pathward
- Apps
- Coinbase Card
- Stripe
- Issuer
- Lead Bank
- Apps
- Phantom
Unsettled spend over a week (illustrative)
| Mon | 1 | 1 |
| Tue | 1 | 1 |
| Wed | 1 | 1 |
| Thu | 1 | 1 |
| Fri | 1 | 1 |
| Sat | 2 | 1 |
| Sun | 3 | 1 |
| Mon | 1 | 1 |
VisaRainUpdated Sep 30, 2026Sumcap ResearchWhat the app keeps from $100 of spend
| Per $100 of spend | US prepaid cardIn person | EU cardIn person, in the EU | Offshore cardOnline, at an EU shop |
|---|---|---|---|
| Gross interchange | +$1.40 | +$0.20 | +$1.15 |
| Scheme fees | −$0.12 | −$0.08 | In the processor line |
| Processor and sponsor | −$0.40 | −$0.15 | −$0.45 |
| Net interchange | $0.88 | −$0.03 | $0.70 |
| Cross-border network fee | – | – | −$0.80 to −$1.00 |
| FX spread | $0.00 | +$1.00 | +$1.00 |
| Net per $100 | $0.88 | $0.97 | $0.70 to $0.90 |
Where the $2.50 a shop pays on $100 goes
| Shop pays | Shop's bank and network | $1.10 |
| Shop pays | Interchange | $1.40 |
| Interchange | Network | $0.12 |
| Interchange | Processor and sponsor | $0.40 |
| Interchange | App | $0.88 |
Sumcap estimates, US prepaid card, in person
Federal ReserveVisaPaymentscanUpdated Sep 30, 2026Sumcap ResearchShare of card spend by program
| Sep 2025 | 68.7% | 3.1% | 4.9% | 0.7% | 22.6% |
| Oct 2025 | 62.6% | 6.1% | 6.2% | 0.8% | 24.3% |
| Nov 2025 | 56.8% | 7.7% | 6.7% | 1.3% | 27.5% |
| Dec 2025 | 54.4% | 8.2% | 9.1% | 1.4% | 26.9% |
| Jan 2026 | 49.3% | 10.1% | 8.6% | 1.6% | 30.4% |
| Feb 2026 | 44.1% | 9.2% | 7.4% | 1.3% | 38.0% |
| Mar 2026 | 42.4% | 8.2% | 7.3% | 2.4% | 39.7% |
| Apr 2026 | 41.1% | 8.7% | 8.1% | 3.6% | 38.5% |
| May 2026 | 40.0% | 9.0% | 8.8% | 4.0% | 38.2% |
| Jun 2026 | 40.8% | 8.8% | 8.7% | 4.5% | 37.2% |
| Jul 2026 | 39.0% | 8.8% | 9.2% | 5.8% | 37.2% |
| Aug 2026 | 37.0% | 9.6% | 9.3% | 4.0% | 40.1% |
PaymentscanUpdated Sep 30, 2026Sumcap ResearchCustody, rewards and fees by program
| Program | Issuer | Custody | Rewards, and what they're paid in | What it charges | Revenue | Costs |
|---|---|---|---|---|---|---|
| RedotPay | Reap | CustodialIts own trust company | 3% on Apple/Google Pay with Pro; referral commissions in USDC | $10 virtual / $100 physical card, 1% conversion, 1.2% FX, Pro $12.90/mo | About $180M a year per press: 1% conversion, 1.2% FX, card fees, Pro, Earn spread (estimate) | Referral and affiliate commissions (up to 40%), promos, Pro cashback; none published |
| KAST | Rain | CustodialUsers sell their crypto to KAST | 1.5-3% by tier, in USD, plus points; 6-12% on balances to Jan 2027 | $0 / $1,000 / $10,000 a year by tier, 0.5-1.75% FX | Memberships, FX and small fees, built from its $100M run-rate target (estimate) | Cashback 1.5-3%, points, referral and affiliate bonuses; balance subsidy as a running cost |
| Ether.fi Cash | Rain | Self-custodialVault | 3% up to a monthly band ($2k Core to $50k Pinnacle), 4% VIP; in ETHFI since Sep 2026 | $199 Luxe, $999 Pinnacle a year; ~1% FX plus up to 0.5% | Memberships and card fees $0.65M, FX at 0.5% of spend $4.5M (upper bound) | Cashback $23.4M, cards; net -$18.2M on $909M of spend (Nov 2024 to Sep 2026) |
| Karta | Rain | Self-custodial | No spend cashback; $5 plus 0.25% of a referral's spend, in points | 1.5% on every payment, $5 virtual card | 1.5% of card spend (estimate) | Referral points: $5 plus 0.25% of the friend's spend |
| Wirex One | Wirex | Self-custodial | 0.5-8% in USD, tier set by WPAY held | 0% FX, no subscription | Fee debits onchain, $30k; interchange, Earn and trading fees are offchain | Cashback not onchain, modelled at 0.5-3% of spend: $0.3M to $1.8M (Jun to Sep 2026) |
| Plasma One | Rain | Self-custodial | 2-4% by tier, in XPL or in-app credit (Plasma's choice); up to 6% on balances | $199/yr Core (or lock XPL), up to 1% FX | FX at 1% of spend $710k (upper bound), Core fees $96k | XPL rewards $1.65M, cards; net -$845k (Mar to Sep 2026) |
| Kolo | Rain USDWirex EUR | Not confirmed | 2% in BTC for 30 days, then 1%, capped $100/mo | 1% conversion | 1% conversion fee on card spend (estimate) | BTC cashback and a referral share of fees, both modelled |
| Tria | Rain | Self-custodialA contract per user in Rain's pool | 1.5-6% by tier, in USDT, paid quarterly | $25 / $109 / $250 a year by tier, 1% FX (terms allow up to 3%) | Card and membership sales $3.2M, FX at 1% of spend $1.6M | Cashback $4.3M, affiliates $1.6M, season rewards $0.3M; net -$1.3M (Jun 2025 to Sep 2026) |
| Coca | Wirex | Self-custodial | 1-8%, tier set by COCA held; $20 / $10 referral | $5 card, 0% FX | Fee debits onchain, $12k from late July; interchange goes through Wirex, offchain | Cashback $47k paid from September, $0.3M to $1.0M earned at 1-3% of spend (Mar to Sep 2026) |
| Gnosis Pay | Monavate | Self-custodialSafe | ~1% in GNO, ended 30 Sep 2026 | No FX markup; consumer card closes 20 Dec 2026 | 0.40% of spend, its own reported rate: $0.8M | GNO cashback $3.1M, cards; net -$2.5M on $200M of spend (Dec 2023 to Sep 2026) |
| Ethena Pay | Rain | Self-custodialBalance held in USDe | 4% / 4.5% / 5% in AVAX up to $2.5k / $8k / $20k of monthly spend; 5-6% on balances | No FX markup, ATM $1 + 0.65% | Yield on balances: AUM x sUSDe APY | AVAX cashback $49k, cards; savings yield (base plus boost) as a running cost |
- RedotPayReap
- Custody
- CustodialIts own trust company
- Rewards
- 3% on Apple/Google Pay with Pro; referral commissions in USDC
- Charges
- $10 virtual / $100 physical card, 1% conversion, 1.2% FX, Pro $12.90/mo
- Revenue
- About $180M a year per press: 1% conversion, 1.2% FX, card fees, Pro, Earn spread (estimate)
- Costs
- Referral and affiliate commissions (up to 40%), promos, Pro cashback; none published
- KASTRain
- Custody
- CustodialUsers sell their crypto to KAST
- Rewards
- 1.5-3% by tier, in USD, plus points; 6-12% on balances to Jan 2027
- Charges
- $0 / $1,000 / $10,000 a year by tier, 0.5-1.75% FX
- Revenue
- Memberships, FX and small fees, built from its $100M run-rate target (estimate)
- Costs
- Cashback 1.5-3%, points, referral and affiliate bonuses; balance subsidy as a running cost
- Ether.fi CashRain
- Custody
- Self-custodialVault
- Rewards
- 3% up to a monthly band ($2k Core to $50k Pinnacle), 4% VIP; in ETHFI since Sep 2026
- Charges
- $199 Luxe, $999 Pinnacle a year; ~1% FX plus up to 0.5%
- Revenue
- Memberships and card fees $0.65M, FX at 0.5% of spend $4.5M (upper bound)
- Costs
- Cashback $23.4M, cards; net -$18.2M on $909M of spend (Nov 2024 to Sep 2026)
- KartaRain
- Custody
- Self-custodial
- Rewards
- No spend cashback; $5 plus 0.25% of a referral's spend, in points
- Charges
- 1.5% on every payment, $5 virtual card
- Revenue
- 1.5% of card spend (estimate)
- Costs
- Referral points: $5 plus 0.25% of the friend's spend
- Wirex OneWirex
- Custody
- Self-custodial
- Rewards
- 0.5-8% in USD, tier set by WPAY held
- Charges
- 0% FX, no subscription
- Revenue
- Fee debits onchain, $30k; interchange, Earn and trading fees are offchain
- Costs
- Cashback not onchain, modelled at 0.5-3% of spend: $0.3M to $1.8M (Jun to Sep 2026)
- Plasma OneRain
- Custody
- Self-custodial
- Rewards
- 2-4% by tier, in XPL or in-app credit (Plasma's choice); up to 6% on balances
- Charges
- $199/yr Core (or lock XPL), up to 1% FX
- Revenue
- FX at 1% of spend $710k (upper bound), Core fees $96k
- Costs
- XPL rewards $1.65M, cards; net -$845k (Mar to Sep 2026)
- KoloRain USDWirex EUR
- Custody
- Not confirmed
- Rewards
- 2% in BTC for 30 days, then 1%, capped $100/mo
- Charges
- 1% conversion
- Revenue
- 1% conversion fee on card spend (estimate)
- Costs
- BTC cashback and a referral share of fees, both modelled
- TriaRain
- Custody
- Self-custodialA contract per user in Rain's pool
- Rewards
- 1.5-6% by tier, in USDT, paid quarterly
- Charges
- $25 / $109 / $250 a year by tier, 1% FX (terms allow up to 3%)
- Revenue
- Card and membership sales $3.2M, FX at 1% of spend $1.6M
- Costs
- Cashback $4.3M, affiliates $1.6M, season rewards $0.3M; net -$1.3M (Jun 2025 to Sep 2026)
- CocaWirex
- Custody
- Self-custodial
- Rewards
- 1-8%, tier set by COCA held; $20 / $10 referral
- Charges
- $5 card, 0% FX
- Revenue
- Fee debits onchain, $12k from late July; interchange goes through Wirex, offchain
- Costs
- Cashback $47k paid from September, $0.3M to $1.0M earned at 1-3% of spend (Mar to Sep 2026)
- Gnosis PayMonavate
- Custody
- Self-custodialSafe
- Rewards
- ~1% in GNO, ended 30 Sep 2026
- Charges
- No FX markup; consumer card closes 20 Dec 2026
- Revenue
- 0.40% of spend, its own reported rate: $0.8M
- Costs
- GNO cashback $3.1M, cards; net -$2.5M on $200M of spend (Dec 2023 to Sep 2026)
- Ethena PayRain
- Custody
- Self-custodialBalance held in USDe
- Rewards
- 4% / 4.5% / 5% in AVAX up to $2.5k / $8k / $20k of monthly spend; 5-6% on balances
- Charges
- No FX markup, ATM $1 + 0.65%
- Revenue
- Yield on balances: AUM x sUSDe APY
- Costs
- AVAX cashback $49k, cards; savings yield (base plus boost) as a running cost
Ether.fi Cash, retention by cohort
| Early cohorts | Apr to Aug 2025 | 7,336 | 0 | 7,336 | 100.0% |
| Early cohorts | Apr to Aug 2025 | 7,336 | 1 | 5,929 | 80.8% |
| Early cohorts | Apr to Aug 2025 | 7,336 | 2 | 5,472 | 74.6% |
| Early cohorts | Apr to Aug 2025 | 7,336 | 3 | 5,147 | 70.2% |
| Early cohorts | Apr to Aug 2025 | 7,336 | 4 | 4,860 | 66.2% |
| Early cohorts | Apr to Aug 2025 | 7,336 | 5 | 4,617 | 62.9% |
| Early cohorts | Apr to Aug 2025 | 7,336 | 6 | 4,364 | 59.5% |
| Early cohorts | Apr to Aug 2025 | 7,336 | 7 | 4,263 | 58.1% |
| Early cohorts | Apr to Aug 2025 | 7,336 | 8 | 4,111 | 56.0% |
| Early cohorts | Apr to Aug 2025 | 7,336 | 9 | 4,018 | 54.8% |
| Early cohorts | Apr to Aug 2025 | 7,336 | 10 | 3,934 | 53.6% |
| Early cohorts | Apr to Aug 2025 | 7,336 | 11 | 3,805 | 51.9% |
| Early cohorts | Apr to Aug 2025 | 7,336 | 12 | 3,762 | 51.3% |
| Sep 2025 promo | Sep 2025 | 21,490 | 0 | 21,490 | 100.0% |
| Sep 2025 promo | Sep 2025 | 21,490 | 1 | 5,178 | 24.1% |
| Sep 2025 promo | Sep 2025 | 21,490 | 2 | 3,958 | 18.4% |
| Sep 2025 promo | Sep 2025 | 21,490 | 3 | 3,385 | 15.8% |
| Sep 2025 promo | Sep 2025 | 21,490 | 4 | 3,161 | 14.7% |
| Sep 2025 promo | Sep 2025 | 21,490 | 5 | 2,941 | 13.7% |
| Sep 2025 promo | Sep 2025 | 21,490 | 6 | 2,785 | 13.0% |
| Sep 2025 promo | Sep 2025 | 21,490 | 7 | 2,672 | 12.4% |
| Sep 2025 promo | Sep 2025 | 21,490 | 8 | 2,620 | 12.2% |
| Sep 2025 promo | Sep 2025 | 21,490 | 9 | 2,515 | 11.7% |
| Sep 2025 promo | Sep 2025 | 21,490 | 10 | 2,449 | 11.4% |
| Sep 2025 promo | Sep 2025 | 21,490 | 11 | 2,453 | 11.4% |
| Later cohorts | Oct 2025 to Feb 2026 | 29,168 | 0 | 29,168 | 100.0% |
| Later cohorts | Oct 2025 to Feb 2026 | 29,168 | 1 | 18,696 | 64.1% |
| Later cohorts | Oct 2025 to Feb 2026 | 29,168 | 2 | 15,448 | 53.0% |
| Later cohorts | Oct 2025 to Feb 2026 | 29,168 | 3 | 14,124 | 48.4% |
| Later cohorts | Oct 2025 to Feb 2026 | 29,168 | 4 | 12,924 | 44.3% |
| Later cohorts | Oct 2025 to Feb 2026 | 29,168 | 5 | 12,119 | 41.5% |
| Later cohorts | Oct 2025 to Feb 2026 | 29,168 | 6 | 11,572 | 39.7% |
Sep 2026 is left out (data to 27 Sep)
Updated Sep 30, 2026Sumcap ResearchEthena Pay, weekly yield earned vs paid out
| Jul 13, 2026 | $43.54 | -$59.37 | -$849.41 | -$865.24 |
| Jul 20, 2026 | $70.45 | -$68.58 | -$1,261.36 | -$1,259.49 |
| Jul 27, 2026 | $104.36 | -$95.82 | -$1,249.00 | -$1,240.46 |
| Aug 3, 2026 | $177.98 | -$163.19 | -$1,786.92 | -$1,772.13 |
| Aug 10, 2026 | $249.93 | -$225.49 | -$2,248.42 | -$2,223.98 |
| Aug 17, 2026 | $369.61 | -$217.35 | -$1,229.57 | -$1,077.31 |
| Aug 24, 2026 | $424.92 | -$483.99 | -$3,013.42 | -$3,072.49 |
| Aug 31, 2026 | $1,959.14 | -$1,126.45 | -$3,695.17 | -$2,862.48 |
| Sep 7, 2026 | $3,525.76 | -$2,379.72 | -$8,974.04 | -$7,828.00 |
| Sep 14, 2026 | $3,409.68 | -$3,064.77 | -$8,190.36 | -$7,845.45 |
| Sep 21, 2026 | $3,319.08 | -$2,900.91 | -$15,590.87 | -$15,172.70 |
DuneUpdated Sep 29, 2026Sumcap Research
DuneUser cost vs user value, per program
| Ethena Pay | $76.87 | n/a | $5.91 | n/a |
| Plasma One | $46.62 | n/a | $97.00 | n/a |
| Ether.fi Cash | $212.43 | $212 to $217 | $121.00 | n/a |
| Gnosis Pay | $79.00 | $74 to $84 | $12.50 | $13 to $22 |
| Tria | $300.00 | $217 to $300 | $52.00 | $26 to $68 |
| Coca | $21.00 | $3 to $64 | $1.80 | $1 to $4 |
| Wirex One | $26.00 | $13 to $77 | $3.50 | $2 to $5 |
| Karta | $5.45 | $2 to $16 | $36.53 | $17 to $54 |
| Kolo | $8.28 | $3 to $21 | $5.23 | $2 to $10 |
| KAST | $92.99 | $28 to $298 | $38.56 | $15 to $74 |
| RedotPay | $10.29 | $8 to $15 | $13.43 | $3 to $25 |
Some values are Sumcap estimates
PaymentscanUpdated Sep 30, 2026Sumcap Research