Ether.fi has rolled out a suite of new features in its self-custodial app, including trading of tokenized stocks and metals, the ability to borrow against an entire portfolio, and support for additional fiat currencies and payment methods. The updates form part of what the company calls its Summer release and were announced Thursday.

The changes continue the protocol’s shift toward products that resemble traditional banking services while remaining non-custodial. Staking still accounts for the large majority of its balance sheet, with roughly $3.34 billion held in that arm. Separate figures show its Optimism borrowing market at about $160 million in deposits against $23 million in active loans, and the vault supporting its Cash card holding more than $124 million.

Tokenized Equities and Metals

Users can now trade tokenized stocks and metals alongside crypto assets inside the app. The equities are provided through xStocks, issued by Backed Assets and distributed via entities linked to Kraken. Holdings sit in an ether.fi vault that includes social recovery protections.

Trading of tokenized stocks and metals is unavailable to users in the United States and certain other jurisdictions. All other new features are available to the full user base.

Ether.fi founder and CEO Mike Silagadze said the platform is starting with existing assets plus select tokenized stocks and gold. Supported crypto collateral currently includes Ethereum, Bitcoin, Hyperliquid and the protocol’s ETHFI token, with more assets expected to be added.

Portfolio Borrowing via Aave

An integrated Aave market on Optimism allows users to borrow against their full set of holdings at rates described as currently around 4 percent. Borrowed funds can be spent on the Cash card or used to acquire other assets without selling existing positions.

USDC borrow rates on the existing Aave v3 Optimism market stand near 3.82 percent. Ether.fi has also advanced a governance proposal for a dedicated Aave V4 whitelabel instance on OP Mainnet that it would manage. That proposal has cleared earlier stages and awaits a final on-chain vote. Projected annual revenue for the instance ranges from $1 million to $1.2 million, with Aave’s DAO set to receive 20 percent. Targets include up to $175 million in assets at launch and $500 million by year-end.

The company’s existing custom borrowing market on Optimism already supports roughly $25 million in active loans across more than 16 collateral types.

Expanded Fiat Rails and Card Benefits

New on- and off-ramps support more than 30 additional currencies and payment options, among them Cash App, Apple Pay and Interac. Named accounts are available for deposits. Fiat functionality is limited to users who have completed identity verification tied to the payment card, and processing times vary by method.

The Cash card continues to offer 3 percent cash back on purchases, subject to monthly caps that rise with membership tiers: $2,000 for Core, $10,000 for Luxe and $50,000 for Pinnacle, plus an invite-only VIP level. ATM withdrawals carry a 2 percent fee across all tiers.

Programmatic Buybacks and Scale

The release embeds programmatic ETHFI buybacks into protocol contracts, funded across every product and revenue stream. Earlier buyback initiatives have operated since 2024, including programs tied to withdrawal fees and broader revenue shares that direct proceeds to staked ETHFI holders.

Ether.fi reports more than half a million members and a $2 billion annual transaction run-rate. On-chain card data shows roughly $723 million settled across more than 9 million transactions since late 2024, with July volume alone exceeding $100 million.

The company is hosting an analyst call on the release Thursday. ETHFI was trading near $0.37 at the time of the announcement, with a market capitalization around $362 million.