OKX Money App Offers 10% Yield and Stablecoin Payments for Emerging Markets

OKX has launched a new standalone app called OKX Money, designed to help users convert over 50 local currencies into dollar-backed stablecoins. The app offers a range of features, including the ability to earn rewards and make payments through a virtual or physical card. Eligible customers can earn up to a 10% annual percentage yield on their USDG holdings without any lockup or staking requirements. Additionally, the app provides 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. The app also ensures that card purchases in other currencies carry no foreign-exchange fee or markup. However, OKX has not disclosed the initial markets or the provider of its card program.

The launch of OKX Money was announced at the company’s OKX Now Product event in Singapore, with a focus on emerging markets in Latin America, Africa, South Asia, and the Middle East. OKX positioned the app as a way to expand dollar-denominated savings and frictionless global spending, addressing the needs of hundreds of millions of people who have been excluded from these financial services. The app is described as the first step in a longer program aimed at keeping the blockchain element abstracted for users who simply want to hold digital dollars and use a card.

Haider Rafique, OKX’s global managing partner, highlighted the key gap for people and institutions as settlement issues, linking the product’s focus to payment delays and credit holds. The app arrives as exchanges and payments companies compete to turn stablecoins into a familiar consumer product, with tracked crypto-card-spending topping $1 billion this year. OKX argues that currency swings, limited banking access, and foreign-exchange fees make it difficult for users to protect savings and spend globally.