OKX Money enables users to save, earn a 10% yield, and spend dollar-backed stablecoins within a single application.
The product converts over 50 local currencies into stablecoins, provides rewards of up to 10% on eligible USDG balances, and includes both virtual and physical payment cards.
- OKX introduced a consumer app that allows eligible users to convert over 50 local currencies into USDG, USDC, or USDT, transfer stablecoins, and make purchases using a virtual or physical card.
- OKX Money provides qualifying customers with up to a 10% annual yield on eligible USDG holdings and up to 10% cashback, though rates, eligibility, and availability differ by location.
- The app is aimed at consumers who want access to digital dollars and global payments, but OKX has not disclosed its initial markets or identified the provider of its card program.
OKX launched a consumer app that enables eligible customers to convert over 50 local currencies into dollar-backed stablecoins, earn rewards on those balances, and make purchases using a virtual or physical card.
OKX Money lets users in participating markets fund their accounts with local currencies and hold USDG, USDC, or USDT. Customers can send stablecoins, switch between supported tokens without conversion fees, and use a card for purchases in other currencies, with OKX stating it will not charge foreign-exchange fees or markups, according to a statement released on Tuesday.
“Hundreds of millions of people have been excluded from dollar-denominated savings and frictionless global spending because the infrastructure was never built for them,” OKX said, noting that OKX Money is the first step in a longer program.
Qualifying customers can earn up to a 10% annual percentage yield (APY) on eligible USDG holdings without any lockup or staking requirement, OKX said. The app also provides up to 10% cashback on eligible purchases and referral rewards. Product availability, rates, and eligibility differ by location.
While other platforms offer similar services, OKX’s app focuses on attracting non-crypto users. Binance Pay enables users to hold stablecoins, make global purchases, earn passive yield, and send cross-border payments with zero gas fees.
Coinbase’s Coinbase One provides automated yield on USDC of up to 3.75% to 5%, depending on membership and region. Bybit Card and Savings offers automatic conversions from fiat to stablecoins and global spending via a Mastercard-backed card.
OKX’s money app launch coincides with exchanges and payments companies increasingly aiming to transform stablecoins into a familiar consumer product: a dollar balance that can be held, sent, and spent, rather than a token used for trading. Tracked crypto-card spending exceeded $1 billion this year, as companies compete to integrate stablecoin balances into everyday purchases.
OKX, ranked third by Coingecko with a 24-hour trading volume exceeding $2.2 billion, is bundling those services for customers in markets where local currencies can be volatile and access to U.S.-dollar savings, global cards, or cross-border payments is limited or expensive. The product seems designed to keep the blockchain element abstract or hidden from users who simply want to hold digital dollars and use a card.
The new app also advances OKX’s consumer-finance initiatives following the exchange’s acquisition of a Maltese payments-institution license this year to support European stablecoin and card services.
The app is launching in unspecified participating markets. OKX has not disclosed the launch countries or identified which entity provides the card program.
As stablecoins move into regulated finance, the APAC region is emerging as a key testing ground. This report outlines the region’s regulations, use cases, and RLUSD’s role.
Why it matters: As stablecoins move into regulated finance, the APAC region is becoming a key proving ground. This report maps the region’s regulations, use cases, and RLUSD’s role.
