OKX debuts a platform that turns 50 currencies into digital dollars, betting emerging market investors want stablecoins

Crypto exchange OKX unveiled a dedicated app on Tuesday, enabling users to convert over 50 local currencies into U.S. dollar-backed stablecoins. OKX Money, introduced at the company's OKX Now Product event in Singapore, aims to cater to emerging markets in Latin America, Africa, South Asia, and the Middle East. The platform addresses currency volatility, limited banking access, and high foreign-exchange fees in these regions.

According to Haider Rafique, OKX's global managing partner, the primary challenge lies in settlement processes. Small businesses should not have to wait days for a bank to settle a payment, and travelers should not face credit limits frozen by pending hotel deposits. Rafique, who grew up in Pakistan, still remembers receiving money through Western Union, along with the fees paid by his parents from their hard-earned savings.

The app will allow customers to hold three dollar-backed stablecoins: Paxos's USDG, Circle's USDC, and Tether's USDT. OKX Money offers up to 10% annual yield on eligible USDG balances, virtual and physical cards without foreign-exchange markup, and referral rewards. Compared to traditional technologies, Rafique asserts that crypto has a technological advantage over conventional finance.

OKX Money is part of a series of new products launched by the cryptocurrency exchange, fueled by a March funding round with Intercontinental Exchange. The deal valued OKX at $25 billion, though the total investment amount remains undisclosed. In September, OKX-ICE, a joint venture with Intercontinental Exchange, filed with the Securities and Exchange Commission to launch a platform for round-the-clock trading of over 60 tokenized U.S. stocks.

Recent weeks have also seen OKX roll out an account-protection program, dubbed OKX Shield. This program promises security safeguards and reimbursement up to $100,000 for regular users and up to $500,000 for VIP users in the event of a third-party takeover. The launch comes amid growing concerns over security breaches in the crypto industry, with an estimated $2.7 billion lost to hacks this year, including nearly $388 million stolen from rival exchange Bitget.