OKX debuts a platform that turns 50 currencies into digital dollars, betting emerging market investors want stablecoins

Crypto exchange OKX launched a standalone app on Tuesday that lets users convert more than 50 local currencies into U.S. dollar-backed stablecoins, as the company tries to expand its offerings beyond just being an exchange.

OKX Money, which went live at the company’s OKX Now Product event in Singapore, is aimed at emerging markets in Latin America, Africa, South Asia, and the Middle East. OKX argues that currency swings, limited banking access, and foreign-exchange fees in those regions make it difficult to “protect savings and spend globally.”

“The key gap for people and institutions is settlement,” Haider Rafique, OKX’s global managing partner, tells *Fortune.* He specifically cites two friction points: a small business shouldn’t wait days for a bank to settle a payment and a traveler shouldn’t have a credit limit frozen by pending hotel deposits.

OKX Money will allow customers to hold three dollar-backed stablecoins: Paxos’s USDG, Circle’s USDC, and Tether’s USDT. According to OKX, the platform offers up to 10% annual yield on eligible USDG balances, virtual and physical cards with no foreign-exchange markup, and referral rewards.

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