OKX launches OKX Money stablecoin app for emerging markets

OKX launched OKX Money on Oct. 6, 2026, a standalone stablecoin savings, transfer and card app aimed at users and businesses in parts of Latin America, Africa, South Asia and the Middle East. The app accepts funding in more than 50 local currencies and lets customers hold Paxos’s USDG, Circle’s USDC or Tether’s USDT.

The app converts local currency into dollar-backed stablecoins, permits fee-free swaps among USDG, USDC and USDT, and issues virtual and physical cards that apply no foreign-exchange markup at the point of sale. OKX said qualifying customers can earn up to 10% annual percentage yield on eligible USDG balances without staking or lockups. Some users may receive up to 10% cashback on qualifying card purchases.

OKX has not published a list of launch countries and is rolling out the service market by market. The legal entity and licensing framework for OKX Money will vary by jurisdiction, the company added.

Several operational details remain undisclosed. OKX has not published on-ramp spreads or per-currency funding fees for converting local currencies into stablecoins, and it has not named the card network, the issuing partner or which blockchains underlie transfers. OKX noted higher yield tiers depend on meeting a 30-day average deposit threshold, passing a 30-day spending requirement or holding a higher VIP status, and declined to explain how the 10% headline yield is funded.

USDG is issued by Paxos. OKX joined Paxos’s Global Dollar Network in July 2025. Paxos states USDG reserves include U.S. Treasury bills, money market funds and cash, and partners in the network share earnings from those reserves. U.S. and EU rules restrict how stablecoin interest can be offered in some jurisdictions; legislation in those jurisdictions prohibits paying interest on certain stablecoins.

OKX described the user interface as simple and said the blockchain operates in the background. Haider Rafique, OKX’s global managing partner, described the experience as “save, send, spend” and pointed to small businesses that face multi-day bank settlement times as an example where faster settlement is useful.

OKX provided a worked example on foreign-exchange costs: a customer who spends $500 a month on foreign-currency purchases and faces bank FX fees of 2% to 5% would pay $10–$25 a month, or $120–$300 a year. The company’s card charges no FX fee at checkout, but overall savings depend on how much the app charges to convert local currency into stablecoins.

Observers noted the app combines dollar savings, yield on balances, cross-border transfers and card spending in one product. They also highlighted that undisclosed on-ramp costs and the distribution of users across yield tiers will affect whether customers benefit compared with using local bank cards after conversion costs are applied.

Items to watch include the published country rollout, a full tier table showing base and elevated yields, the on-ramp pricing schedule for each supported currency, and local regulatory responses in launch markets. OKX plans to expand the product as it proves operational readiness in participating countries.