OKX targets developing nations with new stablecoin app offering savings yields and payment features
The platform called OKX Money enables customers to store, transfer and utilize dollar-pegged stablecoins, while eligible USDG deposits can generate annual returns as high as 10%.
The cryptocurrency trading platform OKX has introduced OKX Money, an application designed for stablecoin payments and savings functionality, across selected regions in Latin America, Africa, South Asia and the Middle East, offering yields of up to 10% to certain users.
According to a statement provided to Cointelegraph, the application enables customers to deposit funds using more than 50 different supported fiat currencies, with these deposits being automatically converted into stablecoins backed by the US dollar.
Customers have the ability to maintain balances in USDG, USDC or USDT, transfer money and make purchases using either virtual cards or physical card options. Eligible users can receive an annual percentage yield (APY) reaching up to 10% on qualifying USDG account balances, with no requirement for staking or locking up their funds.
An official representative from the exchange informed Cointelegraph that the launch is taking place on a market-by-market basis, adhering to local regulatory requirements, with different legal entities and regulatory frameworks being utilized depending on the specific jurisdiction. The company chose not to reveal which particular markets would be included in the initial launch phase.
In July 2025, the exchange became a participant in Paxos's Global Dollar Network, which provided its customer base with the ability to access USDG for both trading activities and fund transfers.
The use of stablecoins is expanding beyond their traditional role in cryptocurrency trading. According to data from Chainalysis, cross-border transactions involving stablecoins increased by 77.5% to reach $220.3 billion during the 12-month period that concluded in June 2026, with international trade, remittance payments and savings being identified as primary applications.
OKX leaves source of 10% yield undisclosed
"Customers can qualify for a higher tier by meeting a 30-day average deposit threshold, exceeding a 30-day spending amount or achieving a higher Exchange VIP status," the spokesperson said.
According to the company representative, both the interest rates and qualification criteria differ based on geographic region and individual customer circumstances, and the spokesperson refused to provide details when questioned about the funding mechanism behind the yield generation.
Previous stablecoin yield-generating products have included Anchor Protocol, a platform that provided returns reaching up to 20% on deposits of TerraUSD (UST), which was an algorithmic stablecoin that maintained its dollar peg through a conversion mechanism involving the associated LUNA token. In May 2022, UST failed to maintain its peg to the dollar, leading to the eventual collapse of both digital assets.
In contrast to that model, USDG, USDC and USDT maintain full backing through asset reserves, as stated by their respective issuing entities. Contemporary stablecoin reward initiatives either distribute income generated from reserve holdings or provide loyalty incentives funded by the exchanges themselves. The Paxos Global Dollar Network operates by distributing profits earned from USDG reserve investments among network partners. These reserve holdings comprise US Treasury bills, money market fund investments and cash deposits.
The proposed US GENIUS Act contains provisions that would prohibit issuers of payment stablecoins from providing interest payments or yields to holders, while banking industry organizations have advocated for limitations on reward programs funded by cryptocurrency exchanges. Within the European Union, the Markets in Crypto Assets Regulation explicitly forbids both issuers and cryptocurrency service providers from providing interest payments on stablecoins pegged to a single currency.