OKX launches OKX Money app for stablecoin savings, up to 10% yield and card spending
In brief
- OKX Money converts more than 50 local currencies into dollar-backed stablecoins, OKX said.
- Eligible USDG balances earn up to 10% APY for qualifying users, with no lockup.
- OKX Money cards carry no foreign-exchange fee or markup on purchases, OKX said.
- OKX didn't name launch countries or the card program provider.
- Rates, availability and eligibility vary by location.
What the app does
Users in participating markets can fund accounts with local currencies and hold USDG, USDC or USDT, according to OKX's statement as reported by CoinDesk. They can send stablecoins and switch between supported tokens without conversion fees. OKX said it won't charge a foreign-exchange fee or markup on card purchases in other currencies.
The 10% figure is what stands out. OKX said qualifying customers can earn up to 10% APY on eligible USDG holdings without a lockup or staking requirement, and the app also offers up to 10% cashback on eligible purchases (plus referral rewards). Neither is a flat rate. Availability, rates and eligibility vary by location.
OKX didn't say where it's launching.
The company didn't identify the launch countries or say which entity provides the card program.
Who it's for
OKX is targeting markets where local currencies can be volatile and access to U.S.-dollar savings, global cards or cross-border payments is limited or costly, CoinDesk reported. The product appears designed to keep the blockchain element out of sight for users.
“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
The exchange secured a Maltese payments-institution license this year to support European stablecoin and card services.
A crowded lane
OKX isn't alone here. CoinDesk noted that Binance Pay also lets users hold stablecoins, spend globally, earn passive yield and send cross-border payments with zero gas fees. Coinbase One offers automated USDC yield of up to 3.75% to 5%, depending on membership and region, while Bybit Card and Savings pairs automatic fiat-to-stablecoin conversion with a Mastercard-backed card.
According to CoinDesk, exchanges and payments companies are increasingly trying to turn stablecoins into a familiar consumer product rather than a trading token, and tracked crypto-card spending topped $1 billion this year. OKX ranks third on CoinGecko, with 24-hour trading volume of more than $2.2 billion.
Frequently asked questions
How much yield does OKX Money offer?
OKX said qualifying customers can earn up to 10% APY on eligible USDG holdings, with no lockup or staking requirement. That's a ceiling, not a guaranteed rate. Availability, rates and eligibility vary by location.
Which stablecoins can OKX Money users hold?
OKX Money lets users in participating markets fund accounts with local currencies and hold USDG, USDC or USDT. Customers can switch between supported tokens without conversion fees, according to OKX's statement as reported by CoinDesk.
Where is OKX Money available?
The app is starting in participating markets that OKX hasn't specified. The company didn't identify launch countries or say which entity provides the card program. It did secure a Maltese payments-institution license this year to support European stablecoin and card services.
