Key facts
- OKX Money allows users to hold, send, and spend dollar-backed stablecoins.
- Qualifying USDG balances can earn up to 10% APY.
- The app supports deposits in over 50 currencies, converted to stablecoins.
- Eligibility for higher yield tiers depends on deposit thresholds, spending amounts, or VIP status.
- USDG, USDC, and USDT are fully backed by asset reserves, according to their issuers.
Crypto exchange OKX has launched OKX Money, a new stablecoin savings and payments application, in select emerging markets across Latin America, Africa, South Asia, and the Middle East. The app aims to attract users by offering annual percentage yields (APY) of up to 10% on eligible USDG balances, without requiring staking or lock-up periods.
Users can fund their OKX Money accounts using over 50 different currencies, which are then converted into dollar-backed stablecoins such as USDG, USDC, or USDT. Beyond savings, the app facilitates sending funds and spending via virtual or physical cards. The rollout is being conducted market by market to comply with local regulations and varying legal frameworks.
While OKX did not disclose the specific initial launch markets or the exact source of the yield, a spokesperson indicated that customers can qualify for higher APY tiers by meeting deposit thresholds, exceeding spending amounts over 30 days, or achieving a higher Exchange VIP status. The reserves backing USDG, according to Paxos, include US Treasury bills, money market funds, and cash.
This move comes as stablecoins see increasing use beyond crypto trading, with cross-border flows rising significantly. However, regulatory scrutiny is also increasing, with measures like the US GENIUS Act proposing bans on interest payments for payment stablecoins and the EU's Markets in Crypto Assets Regulation restricting such offerings.