The neobanking narrative is heating up. Let’s look at why EtherFi is already positioned really well for this. Tether-backed Plasma recently reignited interest in the idea that crypto-native finance can finally rival traditional banking, allowing users to spend, save, and earn yield entirely onchain with greater speed, lower costs, and full transparency. EtherFi has been quietly building toward that vision since last year. Long before the term “DeFi banking” gained traction, EtherFi launched Cash, the first onchain spending and rewards product that truly connects yield with payments. EtherFi Cash now leads all major crypto card platforms, including MetaMask, Gnosis, and Holyheld, by transaction volume, becoming the top player in DeFi payments (see figure below). Already over 750,000 transactions processed, around 1.3 million in daily spending volume, nearly doubling each month, and rapid user growth with 5k daily active users and 30,000 total cards issued. Users can spend without selling, earn DeFi rewards while holding, and move money globally with self-custody and no fees, delivering a banking experience built for the digital era. They are also doing buybacks 7M buybacks so far, increasing heavily with growing revenues, and you can track the progress in real-time from this Dune-dashboard: https://dune.com/ether_fi/ethfi-buybacks-and-protocol-revenue-sources?Granularity_e72b5f=Month While new entrants like Plasma are entering the space with institutional backing, @ether_fi is far ahead with a live product, real traction, strong revenue growth (up 4x this year), an expanding user base, and a token directly tied to real usage and revenue. Upcoming catalysts strengthen this position: the potential launch of an ETH staking ETF, growth of institutional DeFi staking through DATs, accelerating stablecoin adoption, and a global spotlight on DeFi banking. Personally, I am using EtherFi as my main card. They run a lot of campaigns, and for October, there was an insane 20% cashback deal, where all purchases made in October result in me getting 20% of the amount spent back in ETHFI tokens (up to 12,5k in spend). Usually, it is 3% cashback, though, which is still great + 10% yield on the USD you hold on the card. Use my ref link to get 25 free to spend: https://www.ether.fi/refer/route2FI(Route 2 FI)