OKX Money Launches With Stablecoin Savings and Zero-FX-Fee Cards

OKX has launched a new service called OKX Money, designed to offer stablecoin savings, transfers, and card spending through a standalone app. The platform initially targets emerging markets in Latin America, Africa, South Asia, and the Middle East. It allows users to earn up to 10% APY on eligible USDG balances without requiring staking or lock-up periods. The app also supports USDC and USDT, enabling seamless conversions between these stablecoins with no fees.

The service aims to provide digital dollar access while reducing the costs associated with international transactions. OKX Money offers virtual and physical Mastercard-linked cards with zero foreign-exchange markups and up to 10% cashback on qualifying purchases. The company claims that conventional cross-border transactions can incur conversion costs of 2% to 5%, positioning stablecoin payments as a cost-effective alternative.

However, the advertised yield and cashback rates apply only to qualifying customers and eligible balances or purchases. The announcement did not detail balance caps or full qualification requirements, leaving some uncertainty about the accessibility of the advertised returns. OKX Money enters a competitive market, overlapping with services offered by Revolut and Crypto.com, which also provide stablecoin conversions and spending options.