OKX eyes emerging markets with yield-offering stablecoin savings and payments app
OKX Money lets users hold, send and spend dollar-backed stablecoins, with qualifying USDG balances earning up to 10% APY.
OKX has introduced its stablecoin savings and payments application, OKX Money, across Latin America, Africa, South Asia and the Middle East. The app allows users to hold and spend dollar-backed stablecoins, earning up to 10% annual percentage yield (APY) on qualifying USDG balances without the need for staking or a lockup period.
Users can fund their accounts using more than 50 currencies, with deposits automatically converted into USDG, USDC or USDT. The exchange is rolling out the app market by market, adhering to local regulations and varying legal frameworks. OKX's collaboration with Paxos's Global Dollar Network enables users to access USDG for trading and transfers.
Stablecoin usage extends beyond crypto trading, with cross-border flows increasing by 77.5% in the past year, driven by trade, remittances and savings.
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