OKX has launched OKX Money, a standalone stablecoin savings and payments app introduced at its OKX Now Product event in Singapore. The app is rolling out across emerging markets in Latin America, Africa, South Asia and the Middle East, allowing users to fund accounts in more than 50 local currencies that are then converted into dollar-backed stablecoins.
The supported stablecoins are Paxos-issued Global Dollar (USDG), Circle's USD Coin (USDC), and Tether's USDT. Qualifying customers can earn up to 10% annual yield on eligible USDG balances without staking or lockup periods. OKX did not disclose exactly how the yield is funded, but said rates may depend on a user's 30-day average deposit, 30-day spending, or VIP status on the exchange.
The app also includes virtual and physical cards with no foreign-exchange markup and referral rewards. OKX global managing partner Haider Rafique argued that settlement is the key gap for individuals and institutions, referencing delays in bank settlements and the costs of remittances. The company is targeting regions where currency swings, limited banking access, and foreign-exchange fees make stablecoin-based savings and spending attractive.
The launch comes as dollar-pegged stablecoins account for roughly 97% of global stablecoin market value. Cross-border stablecoin flows rose 77.5% to $220.3 billion in the twelve months ending June 2026, according to Chainalysis. OKX joined Paxos's Global Dollar Network in July 2025, giving users access to USDG. Paxos says earnings distributed to network partners are backed by reserves including US Treasury bills, money market funds and cash.
Previous stablecoin yield products have faced difficulties, including Anchor Protocol's now-collapsed TerraUSD offering. By contrast, USDG, USDC and USDT are described by their issuers as fully backed by asset reserves.
Regulatory limitations may affect availability. The US GENIUS Act bans payment stablecoin issuers from paying interest or yield directly, while the EU's MiCA framework blocks interest on single-currency stablecoins. OKX said each market rollout will follow local legal and regulatory requirements. The app launch follows OKX's March funding round with Intercontinental Exchange that valued the company at $25 billion.
