OKX looks to abstract blockchain mechanics to bring stablecoin balances to everyday consumers

Cryptocurrency exchange OKX wants make stablecoins easy to use for non-crypto users.

OKX is now enabling eligible customers convert over 50 local currencies into dollar-backed stablecoins and spend from a virtual or physical card in a new app called OKX Money.

Users will to fund accounts with local currencies and hold USDG, USDC or USDT and make purchases in other currencies, OKX said on Tuesday.

OKX is aiming those services at customers in markets where local currencies can be volatile and access to U.S.-dollar savings, global cards or cross-border payments are limited or costly. OKX appears to be designing products to keep the blockchain element abstracted or out of sight for users who simply want to hold digital dollars and use a card.

For non-crypto native users, the mechanics of onchain transactions present a steep learning curve. Managing wallet addresses, gas tokens, and cross-chain bridges creates immediate friction for anyone who simply wants a dollar-denominated account. Abstracating the underlying blockchain rails allows platforms to offer the core benefits of digital dollars, such as high-yield savings and low-cost cross-border transfers, without forcing customers to learn onchain mechanics.

“Hundreds of millions of people have been excluded from dollar-denominated savings and frictionless global spending because the infrastructure was never built for them,” OKX said.

Crypto exchanges and payments companies are increasingly trying to turn stablecoins into a familiar consumer product: a dollar balance that can be held, sent and spent, rather than a token used for trading. Tracked crypto-card-spending topped $1 billion this year, as companies compete to bring stablecoin balances into everyday purchases.

Binance Pay also allows users to hold and spend stablecoins, earn passive yield and send cross-border payments with zero gas fees. Coinbase’s Coinbase One offers automated yield on USDC. Bybit Card and Savings offers automatic conversions from fiat to stablecoins and global spending via a Mastercard-backed card.

OKX’s aim is to take such services and package them in a way that could appeal to everyday consumers.

UPDATE (Oct. 6, 14:25 UTC): Restructures and adds additional paragraph on onchain frictions for non-crypto users.