Cryptoupdated 20m ago2 min read
OKX Launches OKX Money App With 10% Yield And Stablecoin Card Payments
OKX Money converts 50+ local currencies into USDG, USDC or USDT in one app. Eligible USDG balances earn up to 10% APY without staking or lockups.
OKX Money goes live
OKX launched OKX Money, a standalone app that lets eligible customers convert more than 50 local currencies into dollar-backed stablecoins and then earn rewards and spend via a virtual or physical card. OKX said qualifying customers can earn up to 10% annual percentage yield on eligible USDG holdings without a lockup or staking requirement, and the app also offers up to 10% cashback on eligible purchases and referral rewards. OKX Money allows users in participating markets to hold USDG, USDC or USDT, send stablecoins, and switch among supported tokens without conversion fees.
OKX said it will charge no foreign-exchange fee or markup when customers spend through the card, and OKX did not disclose its initial markets or identify the provider of its card program. Fortune reported that OKX Money went live at the company’s OKX Now Product event in Singapore, and OKX targeted emerging markets in Latin America, Africa, South Asia, and the Middle East.
Yield, cards, and limits
OKX Money pairs USDG rewards with fee-free global card payments, and OKX said the app lets users fund accounts with local currencies and hold USDG, USDC or USDT. OKX said qualifying customers can earn up to 10% annual percentage yield on eligible USDG holdings without a lockup or staking requirement, while product availability, rates, and eligibility vary by location. OKX also said card purchases in other currencies carry no foreign-exchange fee or markup, and OKX Money offers up to 10% cashback on eligible purchases and referral rewards.
Cointelegraph coverage said OKX declined to comment when asked how the yield is funded, and OKX left the funding mechanism behind the advertised maximum rate undisclosed. OKX’s spokesperson told Cointelegraph that the rollout is happening market by market, adjusting to local requirements, with the relevant legal entity and regulatory framework varying by jurisdiction.
Why OKX says it matters
OKX positioned OKX Money as a way to expand dollar-denominated savings and frictionless global spending, and OKX said, “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 also said the app is “the first step in a longer program,” and OKX said it is designed to keep the blockchain element abstracted or out of sight for users who simply want to hold digital dollars and use a card. Haider Rafique, OKX’s global managing partner, told Fortune, “The key gap for people and institutions is settlement,” linking the product’s focus to payment delays and credit holds.
CoinDesk said tracked crypto-card-spending topped $1 billion this year as companies competed to bring stablecoin balances into everyday purchases, and OKX Money arrived as exchanges and payments companies tried to turn stablecoins into a familiar consumer product. Fortune reported that OKX Money is aimed at emerging markets in Latin America, Africa, South Asia, and the Middle East, and it said OKX argued currency swings, limited banking access, and foreign-exchange fees make it difficult to “protect savings and spend globally.”