OKX Money lets users save, earn 10% yield and spend dollar stablecoins in one app

OKX introduced a consumer app that lets eligible customers convert over 50 local currencies into dollar-backed stablecoins, earn rewards on those balances, and spend from a virtual or physical card.

OKX Money allows users in participating markets to fund accounts with local currencies and hold USDG, USDC or USDT. Customers can send stablecoins, switch among supported tokens without conversion fees and use a card for purchases in other currencies, where OKX says it will charge no foreign-exchange fee or markup, according to a statement released Tuesday.

“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, adding that OKX Money is the first step in a longer program.

Qualifying customers can earn up to 10% annual percentage yield (APY) on eligible USDG holdings without a lockup or staking requirement, OKX said. The app also offers up to 10% cashback on eligible purchases and referral rewards. Product availability, rates, and eligibility vary by location.

While others offer similar services, OKX’s app aims to target non-crypto users. Binance Pay also allows users to hold stablecoins, spend globally, earn passive yield and send cross-border payments with zero gas fees. Coinbase’s Coinbase One offers automated yield on USDC of up to 3.75% to 5%, depending on the membership and region. Bybit Card and Savings offers automatic conversions from fiat to stablecoins and global spending via a Mastercard-backed card.

OKX’s money app roll-out comes as 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.

OKX, ranked third by Coingecko with a 24-hour trading volume of over $2.2 billion, is packaging those services for 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. The product appears designed to keep the blockchain element abstracted or out of sight for users who simply want to hold digital dollars and use a card.

The new app also furthers OKX’s consumer-finance push after the exchange secured a Maltese payments-institution license this year to support European stablecoin and card services.

The app starts in unspecified participating markets. OKX did not identify launch countries or say which entity provides the card program.