OKX launches stablecoin app with up to 10% yield

OKX, the crypto exchange, launched OKX Money on October 6, a standalone app for saving, sending and spending dollar-backed stablecoins. In its announcement, the company said the app is aimed at people in places where currency swings, limited access to banking and foreign exchange fees make it hard to protect savings and spend abroad. According to Crypto Briefing, the product was unveiled at OKX's OKX Now event in Singapore.

Customers can fund accounts in more than 50 supported currencies, which are converted into dollar-backed stablecoins. They can hold USDG, USDC or USDT and convert between them without conversion fees, OKX said. The app also offers virtual and physical cards. OKX said purchases made in another currency carry no foreign exchange fee or conversion markup, and that a loyalty programme gives eligible customers up to 10 per cent cashback on qualifying purchases. Crypto.news reported that the product website says the card can be used wherever Mastercard is accepted, subject to local availability.

What the 10% depends on

The headline figure is a ceiling. OKX said qualifying customers can earn up to 10 per cent APY on eligible USDG balances, with no staking or lockup required. Crypto.news reported that the product site says rewards are paid weekly. An OKX spokesperson told Cointelegraph that customers can reach a higher tier by meeting a 30-day average deposit threshold, exceeding a 30-day spending amount or holding a higher exchange VIP status, and that rates and eligibility vary by region and customer. The spokesperson declined to say how the yield is funded.

OKX has not published a balance cap for OKX Money. Crypto.news noted that the March 2026 terms for OKX's earlier OKX Pay product applied the top 10 per cent USDG rate only to the first $10,000, and only for customers at VIP 3 or above. USDG is issued by Paxos, whose Global Dollar Network shares part of its reserve economics with partner companies such as OKX, according to Cointelegraph and crypto.news.

Who it is for

OKX said roughly 70 per cent of the people it wants to serve have never used a crypto application, and that foreign exchange fees can add 2 to 5 per cent to every purchase. Cointelegraph and crypto.news reported that the rollout covers parts of Latin America, Africa, South Asia and the Middle East. OKX has not named the specific launch countries; a spokesperson said availability will expand market by market under local rules. In its announcement, OKX said it operates under licensing frameworks in more than 30 jurisdictions and "will not scale faster than our ability to support" customers.

A busy week for stablecoins

The launch follows Open USD, a stablecoin whose founding partners include Stripe, Visa, Mastercard, Coinbase and Shopify, which went live on September 30. The Motley Fool reported that its supply had reached $668 million by October 2. On October 7, London-based Noah, a stablecoin payments infrastructure provider, said it had closed its seed round at $38 million after raising an additional $16 million from Endeit Capital, FJ Labs, LocalGlobe, Felix Capital and angel investors. The company said its revenue for 2026 so far was up 538 per cent on the same period last year.

The regulatory backdrop

In the United States, the GENIUS Act bars payment stablecoin issuers from paying interest or yield, and banking groups have pushed for limits on rewards paid by exchanges, Cointelegraph reported. Regulators are still writing the rules that implement the law. The Treasury opened a proposed rule for comment in August, after agencies missed a July deadline, and the law is due to take effect on January 18, 2027. OKX said product availability, rates and features vary by region and eligibility.