Cashi Card

What is the Cashi Card?

Cashi is a stablecoin spending app with a cashback card attached: you deposit USDC or USDT, hold BTC, ETH and SOL alongside them, and spend the balance through a free virtual Visa wherever cards are accepted — online, in store through Google Pay, and in apps. The pitch is deliberately everyday: subscriptions, online shopping, travel bookings, groceries, rather than trading.

It launched its card programme in Hong Kong in August 2026 through the issuer processor Thredd, with Mexico planned before the end of 2026 and further markets to follow a repeatable per-country rollout. The app itself is young — its first App Store release was in August 2026 — and it has been updated frequently since.

A free virtual card with 3-2-1 cashback

The headline offer is straightforward and genuinely competitive: no card fee, no monthly fee, no inactivity fee, and cashback of 3% on eligible subscriptions, 2% on eligible online and e-commerce purchases, and 1% on eligible travel. Cashback is automatic, which means nothing to activate, and Cashi says the reward value does not expire.

It is also a multi-asset card rather than a stablecoin-only one. USDC and USDT are the deposit rails, but you can hold BTC, ETH and SOL in the same balance and set the order in which your assets are spent — so a purchase can draw on bitcoin first if that is what you want. Transfers between Cashi users are free, and external wallet transfers are supported across eight networks: Tron, Solana, Polygon, BNB Chain, Arbitrum, Ethereum, Bitcoin and Base. Fiat cash-in and cash-out covers 20+ currencies.

The cashback is real, but it is spending credit, not cash

This is the single most important thing to understand about Cashi, and it comes straight from the company's own cashback schedule rather than from a reviewer's opinion. Earned cashback lands on a Rewards Page as a Reward Balance. It is not paid into your wallet. You have to claim it, at which point it becomes Spending Credits, and "Spending Credits may be applied against future card spend and are not withdrawable". Reward Balance is also stated to have "no independent monetary value" and to constitute no debt owed by Cashi, with no property right until it is posted.

So 3% on subscriptions is a discount on future card spending, not money you can move out. That is a meaningful difference from the cashback cards in this directory that pay withdrawable USDC. The caps compound it: a subscription merchant pays cashback on one charge per calendar month, e-commerce splits into two sub-categories each capped at USD 10 per month, travel is capped at USD 20 per month, and every transaction earns on only its first USD 2,000. Apple App Store billing — including Apple's own services — is excluded from subscriptions altogether, which is a sore point given how many subscriptions bill that way.

One further clause deserves a mention because it is unusually wide: Cashi reserves the right to claw back cashback after reversals, refunds, chargebacks, errors or perceived programme abuse, and it may recover the amount "directly from your Main Wallet, including your Spending Credits, USDC, and USDT balances, at its sole discretion". A clawback reaching into your principal stablecoin balance is not a standard card term, and worth knowing before you treat cashback as banked.

Custodial — the structural difference from this directory's self-custody cards

Cashi's terms define a Custodial Wallet as "the digital wallet maintained by Cashi on your behalf for the purpose of holding Supported Assets". Cashi may appoint sub-custodians to hold some or all of your assets and may transfer them to a successor custodian, and it remains responsible for its sub-custodians. Withdrawals are available at any time, but subject to settlement periods, limits, network availability and AML, CTF and sanctions checks including identity verification.

That is the opposite of the self-custody cards elsewhere in this directory — no seed phrase, nothing to back up, no risk of losing your own keys, and equally no way for you to hold the balance if the operator stops operating. You are trusting a company with your balance rather than holding it yourself.

Who stands behind it

You contract with Cashi Ltd., incorporated in Hong Kong, under Hong Kong governing law with arbitration seated in Hong Kong. Cashi is explicit that certain regulated components are performed by licensed affiliates, and names one: GBP Payments Corp., a FINTRAC-registered Money Services Business incorporated in Canada. The card itself is, in Cashi's own definition, "issued to you under the Cashi card program by the card issuing partner and facilitated on the VISA network" — the issuing partner is not named in the terms, while Thredd is publicly credited as the issuer processor behind the programme. Other partners run the fiat on-ramp and off-ramp, identity verification and blockchain analytics.

Fees are shown, not published

Where Mine publishes a fixed fee table and a specific FX markup, Cashi takes the other approach: its terms say fees and spreads are "calculated at our discretion", that conversion is performed by a third-party partner under that partner's own terms, and that the total cost is shown in the app for each spending activity, transfer or fiat ramp transaction. Independent trackers list 1% on non-USD conversions and 0% on USD purchases. Those are plausible and consistent with the market, but they are the tracker's numbers rather than Cashi's commitment, and the conversion partner sets the rate you actually get.

Where it works, and who cannot use it

Trackers list 100+ countries and Cashi's site carries market artwork for Brazil, Argentina, Colombia, the Dominican Republic, Spain, Ghana, Kenya, Malaysia, Nigeria, Bangladesh, South Africa, Hong Kong, the UAE and Japan, with Hong Kong live and Mexico next. The card is accepted anywhere Visa is accepted, which Cashi's launch coverage put at roughly 150 million merchant locations. The gaps are worth stating plainly: no physical card, no ATM access, no Apple Pay, and US persons are listed as ineligible by trackers. Cashi's terms do not name a country list at all, they exclude residents of prohibited jurisdictions and sanctioned parties, and they are written around reverse solicitation — so verify your own eligibility in the app before planning around it.

How it rates

Four stars, Tier-2. Cashi is a real, live, free virtual card with the clearest cashback schedule we have seen from a new programme — the caps, the MCC rules, the sub-categories and the exclusions are all published in the legal schedule rather than buried. The 3-2-1 rates are competitive, the multi-asset spending order is a nice touch, and Google Pay means it is usable offline as well as online.

It loses the fifth star on structure rather than on delivery: your balance is held by Cashi rather than by you, cashback is locked as non-withdrawable spending credit behind monthly caps of $10 and $20, the fee schedule is discretionary rather than published, there is no physical card, no ATM access and no Apple Pay, the issuing partner is not named in the terms, the programme is two months old, and the app's ratings are split — 5.0 from four App Store ratings against 2.8 from 122 on Google Play.

Weigh it against Mine Card, which publishes a fixed fee table and keeps custody with you, or Peanut Card, or browse the full crypto cards directory.

What the card does

• Free virtual Visa — no issuance fee, no monthly fee, no inactivity fee
• Custodial multi-asset balance: USDC, USDT, BTC, ETH and SOL in one wallet
• Spending order you control — choose which asset is spent first, and Cashi converts at checkout
• 3-2-1 cashback: 3% subscriptions, 2% online and e-commerce, 1% travel, automatically applied
• Google Pay support for tap-to-pay in stores; Apple Pay is listed as roadmap, not available
• Accepted anywhere Visa is accepted — put at around 150 million merchant locations at launch
• Free Cashi-to-Cashi transfers, plus external wallet sends across 8 networks
• Cash in and cash out in 20+ currencies, moving between local currency and USDC or USDT
• Card controls: set limits, manage online payments, approve payments, transaction alerts, freeze and unfreeze instantly
• Verification in under 3 minutes according to Cashi, with identity checks run by a third-party provider
• Referral rewards: invite someone, they get a welcome promo, you earn $5 once they spend $50
• Affiliate programme for creators, paying up to 0.3% of invited users' transaction volume
• Cashback value does not expire, per Cashi and its launch coverage

Supported networks for deposits and sends

• Tron
• Solana
• Polygon
• BNB Chain
• Arbitrum
• Ethereum
• Bitcoin
• Base

Cashi credits transfers after a minimum number of blockchain confirmations, which varies by network. Network or gas fees are set by the chain rather than by Cashi, and blockchain transactions are irreversible — assets sent to a wrong address or an unsupported network are not recoverable by Cashi.

The programme behind the card

• Cashi Ltd. — incorporated in Hong Kong; this is the entity you contract with, under Hong Kong law
• GBP Payments Corp. — a FINTRAC-registered Money Services Business incorporated in Canada, named in the terms as the licensed affiliate performing certain regulated components
• Thredd — the issuer processor Cashi publicly credits with powering the card programme
• Visa — the network the card is facilitated on
• Unnamed partners — the card issuing partner, payment processor, fiat on-ramp and off-ramp provider, identity verification provider and blockchain analytics provider are all described in the terms but not named

Limits, exclusions and open questions

• No physical card and no ATM access — the tracker-listed ATM limit is $0, and ATM withdrawals are excluded from cashback
• No Apple Pay, only Google Pay
• Cashback is not withdrawable — it converts to Spending Credits usable only against future card spend
• Cashback caps are tight: $10 per curated e-commerce merchant per month, $10 shared across general e-commerce, $20 shared across travel
• One cashback charge per subscription merchant per month, and Apple App Store billing is excluded entirely
• Earnings stop at $2,000 per transaction — spend above that earns nothing
• Clawbacks can reach your main balance, including USDC and USDT, at Cashi's discretion
• Fees and spreads are discretionary and shown per transaction rather than published in a table
• The card issuing partner is not named in the terms
• US persons are listed as ineligible by trackers, and Cashi does not publish a country list
• Eligibility can change by market — Hong Kong is live, Mexico is next, and availability elsewhere is being rolled out country by country
• The programme is two months old, with 4 App Store ratings at 5.0 against 122 Google Play ratings at 2.8
• No yield product — there is no earn or staking feature, unlike several cards in this directory

What Cashi supports

Five assets sit in the one balance: USDC, USDT, BTC, ETH and SOL. USDC and USDT are the deposit rails — cash in and the balance is ready in minutes — while the three crypto assets sit alongside them for spending rather than trading. There is no platform token to buy and no staking requirement to unlock a rate, which keeps the proposition simple compared with the token-gated cards in this directory.

Deposits, sends and networks

Cashi supports deposits and external sends across eight networks: Tron, Solana, Polygon, BNB Chain, Arbitrum, Ethereum, Bitcoin and Base. Transfers between Cashi users are free. External sends cost only the network fee charged by the chain, and Cashi warns explicitly that blockchain transactions are irreversible and that assets sent to an incorrect address or unsupported network are not recoverable by Cashi — a standard warning, but a live risk for anyone copying addresses manually. Transfers credit after a minimum number of confirmations that varies by network.

Fiat rails cover 20+ currencies for cash in and cash out, letting you move between a local currency and USDC or USDT without leaving the app. That fiat leg is performed by a third-party partner: Cashi states that the partner's own terms apply, and that for the fiat side of a fiat ramp transaction the partner's terms prevail over Cashi's.

How spending works

You set a spending order across your assets, and at checkout Cashi deducts from that order and converts to the merchant's currency. The rate is determined by the conversion partner and the amounts deducted are shown in the transaction record in the app, so you can see which asset paid and at what value. Cashback is then calculated on the final settled amount, not the amount presented at authorisation — so if a transaction settles at a different figure, the reward is recalculated.

Where the balance sits

With Cashi, not with you. The terms define a Custodial Wallet as one Cashi maintains on your behalf, allow Cashi to appoint sub-custodians and to move assets to a successor custodian, and require identity verification and AML, CTF and sanctions checks when you withdraw. There is no seed phrase and no self-custody option anywhere in the product. Withdrawals are available at any time subject to those conditions.

That is the clean trade-off to weigh against the self-custody cards in this directory. A custodial wallet removes key-management risk entirely and makes recovery trivial, at the cost of depending on the operator staying solvent and in business. Cashi is a Hong Kong company with a Canadian FINTRAC-registered affiliate handling regulated components, and the assets are held by the company and its sub-custodians rather than by you.

Unconfirmed

• The exact FX spread applied by the conversion partner on any given corridor
• Whether cashback applies to spending funded from BTC, ETH or SOL rather than stablecoins — the schedule defines eligible transactions by merchant, not by funding source, but it is not stated directly
• Which countries fall inside Cashi's eligible list beyond the markets shown on its site
• Whether a physical card, Apple Pay or ATM access are scheduled beyond being "roadmap"
• What balance and usage limits apply once your account is verified
• Whether Reward Balance has any expiry if left unclaimed, given the terms are silent while the marketing says the value does not expire

What the card costs

The card itself is free, and on the cost side Cashi is generous where it is measurable and opaque where it is not. There is no issuance fee, no monthly fee and no inactivity fee. What you pay beyond that is shown at the moment of each transaction rather than published as a table.

Why the fees are shown rather than published

Cashi's terms are explicit that fees and spreads are "calculated at our discretion", that conversion is carried out by a third-party partner rather than by Cashi, that the partner's own terms govern its service, and that the total cost of each spending activity, on-chain transfer or fiat ramp transaction is displayed in the app. That is a defensible model for a multi-currency product where spreads move with corridors, and it is also the model that makes it impossible to compare this card on a fee table before you sign up.

The practical consequence is that the 0% on USD purchases and 1% on other currencies that independent trackers report are the right planning numbers, but they are not contractual. If you spend in a currency other than USD, check the quoted cost in the app for that corridor rather than relying on the headline figure.

The cashback caps, in dollars

The 3-2-1 headline understates how quickly the caps bite, so here is the arithmetic as published in Cashi's own cashback schedule.

Add those ceilings together and you reach roughly USD 40 a month of cashback value in a good month, and it arrives as spending credit you can only use on the card. Realistically most users will land well below that. It is still a free card with no fee to carry, so the comparison to make is not "is this a lot of money" but "does the excluded set of transactions cover what I actually buy" — and Apple App Store billing, gambling, crypto purchases, gift cards, P2P transfers and remittances are all outside the programme.

What the terms do not publish

• A fee table, or a specific FX markup
• A country list for availability
• Transaction, balance or usage limits, which the terms define as whatever Cashi and its partners impose from time to time
• The identity of the card issuing partner
• Any expiry date for Reward Balance, though Cashi does state the earned value does not expire

What to confirm before you commit

• Your eligibility in your own country, before you deposit anything
• The quoted conversion cost for the currency you will actually spend in
• Your card limit, which is shown in the app rather than promised in the terms
• Whether the merchants you use most are on Cashi's published cashback lists — eligibility is determined by merchant category code, and Cashi's determination is final
• The clawback clause, which allows recovery of cashback from your main USDC and USDT balance