OKX Money app offers 10% yield and card spending in one place

OKX has introduced OKX Money, a new app that offers up to a 10% annual yield on eligible USDG balances and integrates card spending features. The service allows users to convert over 50 local currencies into dollar-backed stablecoins, hold those balances, and spend them using a virtual or physical card. OKX Money is designed to attract both crypto users and those who do not currently use cryptocurrencies.

Eligible customers can earn up to 10% APY on USDG balances without any lockup or staking requirements, though rates and eligibility vary by location. The app also provides up to 10% cashback on eligible purchases and rewards for referrals. OKX claims there are no conversion fees between supported tokens and no foreign transaction fees or exchange-rate markups on card purchases in other currencies.

OKX Money targets markets where local currencies are volatile or dollar savings and international payments are costly. The app aims to simplify blockchain transactions, offering a familiar experience for holding digital dollars and spending with a card. The service's availability in Türkiye and the entity behind the card program remain unspecified.

This launch follows OKX's receipt of a Malta payment institution license this year, supporting its stablecoin and card services in Europe. The app joins other crypto services like Binance Pay, Coinbase One, and Bybit’s offerings, competing in a growing market where crypto card spending is expected to exceed $1 billion this year.