Ether.fi, the decentralized finance platform best known for Ethereum staking, is expanding its self-custodial app with tokenized asset trading, loans backed by users' broader portfolios, and fiat accounts.

Announced on Thursday, the update means users can now trade tokenized stocks, metals, and crypto assets directly within the Ether.fi app, the company said. An integrated market built on Aave, the decentralized lending protocol and one of DeFi's largest, and deployed on Optimism, an Ethereum layer-2 scaling network, also lets users lend assets, borrow against their portfolios without selling their holdings, and send or spend the proceeds. New fiat accounts support deposits and withdrawals worldwide.

The launch places Ether.fi within a broader industry push into tokenized real-world assets, a sector that has grown quickly as major asset managers including BlackRock and Franklin Templeton have issued tokenized funds and crypto platforms have begun offering tokenized versions of stocks and treasuries. Fiat access, meanwhile, has long been a friction point between DeFi and everyday finance, with users typically routing funds through centralized exchanges to move between the two.

“Initially we’re supporting existing assets and select tokenized stocks and gold,” Ether.fi founder and CEO Mike Silagadze told Decrypt. The existing assets include Ethereum, Bitcoin, Hyperliquid, and ETHFI, Ether.fi’s native governance token. “Quickly we’ll start adding additional assets as collateral,” he said.

According to Ether.fi, the new fiat accounts will support more than 30 currencies and payment methods, and will be available to users who have completed the identity checks required for the platform’s payment card. Deposit and withdrawal speeds will vary. The verification requirement means the self-custodial platform's expansion into traditional finance still carries conventional compliance steps.

Ether.fi is also introducing automated buybacks of ETHFI and offering 3% cash back on card purchases, a mechanism familiar from traditional equity markets, where public companies repurchase shares. The company says it has more than 500,000 members and a $2 billion annual transaction run rate.

Silagadze said that portfolio-backed loans and tokenized real-world assets, or RWAs, could attract people who do not already use decentralized finance.

“I think being able to borrow against the whole portfolio, and being able to loop RWAs is going to be popular,” he said. “Also getting cashback on trades and borrows is going to create some buzz, I think.”

The new features are available to both new and existing Ether.fi users, although tokenized stock and metals trading is unavailable in the United States and certain other markets. Similar restrictions have applied to other tokenized-stock offerings in crypto, which have generally been out of reach for US users. How quickly additional collateral assets arrive, and how the fiat accounts perform across regions, will help define the rollout.

Silagadze said the expanded platform is intended to serve as an alternative to traditional banks.

“With ether.fi, we’re bridging the gap between decentralized finance and everyday financial needs,” Silagadze said. “Our goal is to replace the traditional bank for most users and give them tools and benefits that were previously available only to institutions and high-net-worth individuals. That is the power of DeFi and self-custody.”