Major Crypto Exchange Launches Money App With Up to 10% Yield—and More
OKX has unveiled OKX Money, an app that combines up to 10% annual yield on eligible USDG balances with card spending, and said the service’s terms of use will vary by country.
According to the announcement reported by CoinDesk, OKX Money will let eligible customers convert more than 50 local currencies into dollar-backed stablecoins, hold those balances, and spend them with a virtual or physical card. The app also aims to reach people who don’t use crypto.
In supported markets, users will be able to fund their accounts in local currencies and hold USDG, USDC, or USDT. They will also be able to send stablecoins and convert between supported tokens in the same app.
Yield and card spending in one place
According to OKX, customers who meet the necessary requirements can earn up to 10% annual yield (APY) on eligible USDG balances, with no lockup or staking requirement. This rate does not apply to all stablecoin balances; rates and eligibility requirements vary by location.
The app also offers up to 10% cashback on eligible purchases and rewards for referring users. The company also says it will charge no conversion fees between supported tokens and will apply no foreign transaction fees or additional exchange-rate markups to card purchases in other currencies.
OKX did not specify in its announcement which countries would be served at launch or which entity would provide the card program. As a result, whether the service will be available in Türkiye remains unclear based on this announcement.
Looking beyond crypto trading
OKX Money is aimed at customers in markets where local currencies are volatile or access to dollar savings and international payments is expensive. Its design keeps blockchain transactions in the background, with the goal of offering users a more familiar experience in which they can hold digital dollars and spend with a card.
The race to bring stablecoins into everyday spending isn’t limited to OKX. Binance Pay, Coinbase One, and Bybit’s card and savings services also offer similar features under different terms. The fact that crypto card spending tracked by the industry is expected to exceed $1 billion this year shows that companies entering this space are competing for a growing use case.
The new app follows OKX’s receipt of a Malta payment institution license this year to support its stablecoin and card services in Europe.