OKX Launches Stablecoin App for Emerging Markets
OKX has launched a new standalone app called OKX Money, designed to convert over 50 local currencies into U.S. dollar-backed stablecoins. The platform, introduced at the OKX Now event in Singapore, targets emerging markets in Latin America, Africa, South Asia, and the Middle East, where currency volatility and banking limitations pose challenges for protecting savings and global spending.
The app supports three stablecoins: Paxos’s USDG, Circle’s USDC, and Tether’s USDT. OKX Money offers up to 10% annual yield on eligible USDG balances, virtual and physical cards without foreign-exchange markup, and referral rewards. Haider Rafique, OKX’s global managing partner, emphasizes the need for faster settlement solutions, citing issues like delayed bank payments and frozen credit limits.
OKX Money is part of a series of new products from the cryptocurrency exchange, following a March funding round with Intercontinental Exchange (ICE). The venture, co-chaired by former New York Gov. Andrew Cuomo, recently filed with the Securities and Exchange Commission to launch a platform for round-the-clock trading of over 60 tokenized U.S. stocks. OKX also introduced OKX Shield, an account-protection program that reimburses users up to $100,000 or $500,000 for VIP users in case of third-party takeovers.
Rafique highlights the dominance of U.S. dollar-backed stablecoins, noting that 97% of the global stablecoin market value is tied to the dollar. He welcomes the idea of an Asian rival, such as a Singapore-dollar-based stablecoin, to provide stability and trust. Rafique sees the crypto industry at an inflection point, with emerging-market investors shifting focus from speculative altcoins to broader market access.