OKX has launched a consumer-oriented application that allows eligible users to exchange more than 50 local currencies for USDG, USDC, or USDT, transfer the stablecoins, and then consume them through virtual cards or physical cards.
OKX Money offers eligible customers up to 10% USDG annual returns, as well as a maximum of 10% cash back, however the specific rates, eligibility criteria, and availability may vary by region.
The app is aimed at consumers who wish to access digital dollars and global payment services, but OKX has not disclosed its initial market targets, nor has it specified the service providers for its card program.
OKX indicates that this consumer-oriented application allows eligible customers to exchange more than 50 local currencies for US dollar-pegged stablecoins, earn rewards on these balances, and consume them through virtual or physical cards.
According to a statement released on Tuesday, OKX Money allows users participating in the market to top up their accounts with local currency and hold USDG, USDC, or USDT. Customers can send stablecoins and switch between supported tokens without any conversion fees, and use these tokens to shop in other currency environments; OKX indicates that no foreign exchange fees or markups will be charged for such transactions.
OKX indicates that "milliards of people have been excluded from dollar-denominated savings and frictionless global consumption, as the necessary infrastructure has never been established for them." The company added that OKX Money is the first step in a longer-term plan.
OKX indicates that eligible customers can earn up to 10% annualized yield on their holdings of USDG (APY) without any lock-up period or collateral requirements. The app also offers up to 10% cashback on eligible spending and referral rewards. Product availability, rates, and eligibility vary by region.
Although similar services are already available on the market, OKX targets non-crypto users. Binance Pay also allows users to hold stablecoins, make global purchases, earn passive income, and send cross-border payments at zero gas fees. Coinbase offers automatic returns of up to 3.75% to 5% based on membership level and region. Bybit Card, and, and Savings provide automatic conversion from fiat to stablecoins, as well as global consumption through cards supported by Mastercard.
At the launch of this financial application OKX, exchanges and payment companies are making increasing efforts to turn stablecoins into a familiar consumer product: a form of dollar balance that can be held, sent, and spent, rather than merely a token used for transactions. Tracking data shows that the consumption amount of cryptocurrency cards has exceeded $1 billion this year, with various companies competing to bring stablecoin balances into everyday consumer scenarios.
CoinGecko Ranked third, OKX has a 24-hour trading volume of over $2.2 billion. The company is packaging these services for customers in markets where the local currency may be volatile, and where accessing US dollar savings, global cards, or cross-border payments is limited and expensive. The product seems to be designed to keep blockchain elements abstract or inconspicuous for users who simply want to hold digital dollars and use cards.
This new application also continues the consumer finance strategy of OKX. Previously, this exchange obtained a Malta payment institution license this year to support stablecoins and card services in the European region.
The application was first launched in an undisclosed market. OKX did not specify the first batch of countries involved, nor did it indicate which entity provided the card plan.
