OKX Announces Stablecoin App With Up to 10% Yield

OKX announced OKX Money, a standalone app for holding, sending and spending dollar-backed stablecoins, with a phased rollout planned for selected markets across Latin America, Africa, South Asia and the Middle East. The company says users will be able to convert more than 50 local currencies into USDG, USDC or USDT. It has not identified which countries will receive the app first. OKX says the app will support stablecoin balances, transfers and spending through virtual and physical cards. The company has described conversions and transfers as carrying no fees, and says its cards will have no foreign-exchange markup. Availability and product terms may differ by market; OKX says the rollout will proceed market by market in line with local legal and regulatory requirements. Eligible USDG balances can earn up to 10% annual percentage yield, according to OKX. The company says customers do not need to stake their tokens or agree to a lockup to qualify. The maximum rate is conditional, however, and does not mean every user or balance will earn 10%.