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FollowingOKX launches a stand-alone application "OKX Money" that supports the exchange of more than 50 fiat currencies into U.S. dollar stablecoins
On Tuesday, at the "OKX Now" product launch conference, cryptocurrency exchange OKX launched its new stand-alone application "OKX Money" in Singapore. The app allows users to convert more than 50 local currencies into dollar-backed stablecoins.
How OKX Money works
This app allows customers to recharge their accounts in more than 50 designated currencies, and deposits will be automatically converted to stablecoins backed by U.S. dollars. Currently,"OKX Money" supports three types of stablecoins: USDG issued by Paxos, USDC issued by Circle, and USDT issued by Tether. In addition, eligible USDG balances can earn up to 10% annualized income, and are equipped with virtual and physical cards, which are exempt from foreign exchange mark-up fees and provide recommendation rewards.
Built specifically for emerging markets
OKX targets the product in emerging market regions such as Latin America, Africa, South Asia and the Middle East. In these regions, currency fluctuations, insufficient banking coverage and high foreign exchange fees make it difficult to "protect savings and consume globally," the company noted.
Haider Rafique, global managing partner of OKX, pointed out in an interview with Fortune magazine: "For individuals and institutions, the key pain point lies in the settlement process." He gave examples that small businesses often have to wait several days to complete bank payments, and travelers 'credit card limits may be frozen due to pending hotel deposits. "I grew up in Pakistan and still have all the receipts my parents sent me through Western Union." Rafique recalled.
Competition for stablecoins intensifies
The launch comes at a time when about 97% of the world's stablecoins are pegged to the US dollar. That dominance has drawn attention in Washington, where officials hope dollar-backed stablecoins will spur demand for U.S. assets. Following Changer+'s launch of a stablecoin-focused self-managed wallet and Open Standard's OUSD for Stripe merchants, OKX's entry into stablecoin deposits and payments marks a further expansion of the wave of such products. [TAG
Rafique said he welcomes Asian competitors to join the ranks of dollar stablecoins. "Every country should think about the potential and applications of this technology." he said.
