Crypto exchange OKX said on Oct. 6 that it has launched a standalone app called OKX Money, combining U.S. dollar stablecoin savings, balance yield, cross-border transfers, and spending through physical and virtual cards in a single app.
In its official announcement, OKX said eligible users can earn up to 10% annual yield on USDG without any staking or lock-up requirement. The company did not disclose the first countries where the product will launch. It said only that the rollout will begin in "participating markets," and that product availability, interest rates, and features will vary depending on region and eligibility.
Deposits in more than 50 fiat currencies
According to the announcement, users can fund the app with more than 50 supported fiat currencies, with funds converted into U.S. dollar stablecoins. Users can hold USDG, USDC, or USDT, and swap among the three without conversion fees.
For spending, OKX said users can pay globally with either a virtual card or a physical card. When purchases are made in other currencies, OKX Money does not charge foreign exchange fees and does not add an exchange-rate markup, according to the company.
Cashback and referral commissions
OKX Money also includes a rewards program, with eligible spending receiving up to 10% cashback. The referral system lets users earn commissions after invited friends activate a card and spend. If those invited users go on to refer others, the original referrer can also receive a share of the commission.
OKX said the structure was intentional, adding that in a market where trust is passed through personal networks, promotion should work the same way.
Targeting users in emerging markets
OKX said OKX Money was designed for regions where currencies are volatile, banking services are hard to access, and foreign exchange fees are high. The announcement said that even when cross-border transactions are available, FX charges can add 2% to 5% to each purchase.
The company also said about 70% of the people it wants to serve have never used a crypto app. For that reason, the product keeps blockchain infrastructure in the background so users only need to focus on saving, transferring money, and spending.
Expansion to follow product validation
OKX said its businesses hold regulatory licenses in more than 30 jurisdictions. The company described OKX Money as the first step in a long-term plan and said it will expand only after proving product performance and service quality, adding that it "will not expand faster than our ability to support users."