The cryptocurrency exchange OKX has introduced a Mastercard that allows payments in stablecoins. According to the press release, the conversion of digital assets to fiat occurs automatically at the time of purchase.
The card is linked to the OKX Pay section and supports payments in USDT, USDC, and USDG. Funds are deducted from the cryptocurrency balance, while the seller receives fiat. The assets remain in the user's wallet until the payment is made.
OKX does not charge fees for transactions or conversions. A market spread of 0.4% applies when converting to fiat.
Cashback is offered for purchases made with USDG:
- 2% for non-VIP users;
- 4% for VIP 1, 4.5% for VIP 2;
- 5% for VIP 3 and above.
The cashback program is ongoing. Additionally, balances in OKX Pay can earn up to 10% annual yield.
Until June 12, the exchange is running a launch campaign. New users receive 10 USDT for activating the card, making their first transaction, and completing their first trade of at least 1000 USDT. All participants can also earn up to 50 USDT for referring friends and up to 40 USDT for trading volumes.
Currently, the card is available in a testing phase for a limited number of users. OKX plans to expand its availability as regulatory opportunities arise in other regions.
Recall that in March, OKX launched perpetual contracts on stocks. These instruments are denominated in USDT and are available for trading 24/7 with leverage up to 10x.