OKX eyes emerging markets with yield-offering stablecoin savings and payments app

What happened

Crypto exchange OKX has launched OKX Money, a stablecoin (a digital token meant to hold a fixed value, usually one dollar) savings and payments app, in parts of Latin America, Africa, South Asia and the Middle East, that will pay some customers as much as 10% yield. Qualifying customers can earn an annual percentage yield (APY) of up to 10% on eligible USDG balances without staking (locking up tokens to help run a network and earn a return) or a lockup.

OKX did not disclose its specific initial launch markets. OKX Money lets users hold, send and spend dollar-backed stablecoins, with qualifying USDG balances earning up to 10% APY.

The app allows users to fund accounts using more than 50 supported currencies, with deposits converted into dollar-backed stablecoins, according to an announcement shared with Cointelegraph. Users can hold USDG, USDC (Circle’s dollar-pegged token) or USDT (Tether’s dollar-pegged token), send funds and spend with virtual or physical cards.

A spokesperson for the exchange told Cointelegraph that the rollout is happening market by market, in line with local requirements, with the relevant legal entity and regulatory framework varying by jurisdiction. Stablecoins are increasingly being used outside crypto trading .