KAST Terms of Service Spark Controversy, ether.fi CEO Questions User Asset Ownership

CoinFeed reported on July 7 that Mike Silagadze, founder and CEO of ether.fi, published a post questioning the terms of service of stablecoin payment and crypto card platform KAST. The terms explicitly state that when users transfer cryptocurrencies or stablecoins to KAST, they are deemed to have sold the relevant virtual assets to KAST, and users no longer retain asset ownership; what is displayed in the app is only ledger records denominated in US dollars, which do not constitute an account balance, deposit, or stored value in monetary terms. Additionally, KAST emphasizes that it is not a bank, and user funds are not protected by deposit insurance. Since both KAST and ether.fi Cash provide stablecoin payments and crypto card services, the two are in direct competition.