OKX Targets Emerging Markets with High-Yield Stablecoin App

OKX has introduced OKX Money, a stablecoin savings and payments app, targeting emerging markets in Latin America, Africa, South Asia, and the Middle East. The app allows users to deposit funds in over 50 currencies, which are then converted into dollar-backed stablecoins like USDG, USDC, or USDT. Users can send funds, spend using virtual or physical cards, and earn an annual percentage yield (APY) of up to 10% on eligible USDG balances without staking or lockup requirements.

The rollout is happening market by market, with local legal entities and regulatory frameworks varying by jurisdiction. OKX joined Paxos’s Global Dollar Network in July 2025, enabling access to USDG for trading and transfers. The app’s yield rates and eligibility vary by region and customer, but the exchange declined to disclose how the yield is funded.

Stablecoins are increasingly being used beyond crypto trading, with cross-border flows rising 77.5% to $220.3 billion in the 12 months ending June 2026, according to Chainalysis. Earlier stablecoin yield products, like Anchor Protocol, offered high returns but collapsed when TerraUSD (UST) lost its peg in May 2022. In contrast, USDG, USDC, and USDT are fully backed by asset reserves, which may include US Treasury bills and cash.

Regulatory challenges exist, such as the US GENIUS Act banning payment stablecoin issuers from paying interest or yield. In the European Union, the Markets in Crypto Assets Regulation prohibits issuers and crypto service providers from granting interest on single-currency stablecoins.