OKX introduced a consumer app that lets eligible customers convert over 50 local currencies into dollar-backed stablecoins, earn rewards on those balances, and spend from a virtual or physical card.

OKX Money allows users in participating markets to fund accounts with local currencies and hold USDG, USDC or USDT. Customers can send stablecoins, switch among supported tokens without conversion fees and use a card for purchases in other currencies, where OKX says it will charge no foreign-exchange fee or markup, according to a statement released Tuesday.

“Hundreds of millions of people have been excluded from dollar-denominated savings and frictionless global spending because the infrastructure was never built for them,” OKX said, adding that OKX Money is the first step in a longer program.

Qualifying customers can earn up to 10% annual percentage yield (APY) on eligible USDG holdings without a lockup or staking requirement, OKX said. The app also offers up to 10% cashback on eligible purchases and referral rewards. Product availability, rates, and eligibility vary by location.

While others offer similar services, OKX’s app aims to target non-crypto users. Binance Pay also allows users to hold stablecoins, spend globally, earn passive yield and send cross-border payments with zero gas fees. Coinbase’s Coinbase One offers automated yield on USDC of up to 3.75% to 5%, depending on the membership and region. Bybit Card and Savings offers automatic conversions from fiat to stablecoins and global spending via a Mastercard-backed card.

OKX’s money app roll-out comes as exchanges and payments companies are increasingly trying to turn stablecoins into a familiar consumer product: a dollar balance that can be held, sent and spent, rather than a token used for trading.

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