OKX Launches Stablecoin Savings and Payments App for Emerging Markets
OKX has launched OKX Money, a stablecoin savings and payments app targeting emerging markets in Latin America, Africa, South Asia, and the Middle East. The app offers eligible users an annual percentage yield (APY) of up to 10% on certain USDG balances, with no staking or lockup requirements. OKX Money supports deposits in over 50 currencies, converting funds into dollar-backed stablecoins like USDG, USDC, or USDT for account balances. Users can make payments using virtual or physical cards linked to their stablecoin balances.
The rollout is happening market by market, with OKX adapting to local legal and regulatory requirements. Higher reward tiers can be unlocked by meeting criteria such as a 30-day average deposit threshold or achieving a higher Exchange VIP status. However, OKX declined to disclose how the yield is funded, which is a crucial detail given regulatory limits on paying interest for some stablecoin arrangements.
The app's stablecoin strategy integrates Paxos’s Global Dollar Network, which OKX joined in July 2025. The yield applies to USDG balances, and the broader debate around stablecoin yields often focuses on the backing of the asset and how rewards are generated. Unlike earlier high-yield stablecoin arrangements that proved risky, USDG, USDC, and USDT are described as being fully backed by asset reserves.
Regulatory scrutiny is increasing as stablecoins move beyond trading to payments and savings. The US GENIUS Act bans payment stablecoin issuers from paying interest or yield, while the European Union’s MiCA regulation prohibits issuers and crypto service providers from granting interest on single-currency stablecoins. OKX emphasized that the rollout is adjusted to local requirements, with the relevant legal entity and regulatory framework varying by jurisdiction.