OKX has launched a Mastercard for stablecoin payments, offering cashback up to 5% and an annual yield of 10% on OKX Pay balances.
Cryptocurrency exchange OKX has launched a new Mastercard that facilitates payments using stablecoins. The card automatically converts digital assets to fiat currency at the time of purchase, enabling seamless transactions.
Integrated with the OKX Pay feature, the card supports payments in USDT, USDC, and USDG. Users have their cryptocurrency balance debited, while merchants receive fiat currency, keeping assets in the user's wallet until payment is processed.
There are no transaction or conversion fees associated with the card, although a market spread of 0.4% applies during fiat conversions.
OKX has introduced a cashback program for purchases made using USDG, offering:
- 2% cashback for non-VIP users;
- 4% for VIP 1, 4.5% for VIP 2;
- 5% for VIP 3 and higher.
This cashback initiative is part of an ongoing program, and users can also earn up to 10% annual yield on their balances in OKX Pay.
To celebrate the launch, OKX is running a promotional campaign until June 12. New users can receive 10 USDT for activating the card and completing their first transaction, along with trading at least 1000 USDT. Participants can additionally earn up to 50 USDT for referring friends and up to 40 USDT for trading volume.
The card is currently in a testing phase, available to a limited number of users, with plans for wider availability as regulatory conditions permit in different regions.
In a related development, OKX previously introduced perpetual contracts on stocks in March, which are traded in USDT and available 24/7 with leverage up to 10x.
