OKX Launches App Enabling 50 Local Currencies to Convert Into Stablecoins

Cryptocurrency exchange OKX announced the rollout of a standalone application on Tuesday, designed to enable users across emerging markets to convert more than 50 local currencies directly into U.S. dollar-backed stablecoins. Unveiled at the OKX Now Product event in Singapore, OKX Money targets regions including Latin America, Africa, South Asia, and the Middle East, aiming to bypass high foreign-exchange fees, banking restrictions, and local currency volatility.

The application will support Paxos's USDG, Circle's USDC, and Tether's USDT, offering yields of up to 10% on eligible USDG balances alongside fee-free payment cards. "The key gap for people and institutions is settlement," Haider Rafique, global managing partner at OKX, told Fortune. Citing personal experiences with cross-border remittances, Rafique noted that "crypto has one moat: We are technologically more advanced than traditional finance, whether it’s money or markets."

The product release follows significant institutional backing, including a funding round involving Intercontinental Exchange (ICE) that valued OKX at $25 billion. Over the weekend, an OKX-ICE joint venture co-chaired by former New York Governor Andrew Cuomo filed with the SEC to initiate round-the-clock trading for over 60 tokenized U.S. stocks. The exchange also recently introduced an account security initiative offering up to $500,000 in reimbursements for unauthorized account breaches.

With dollar-backed tokens currently representing roughly 97% of global stablecoin value, the launch reflects a strategic pivot toward stable digital assets over volatile altcoins in developing nations. Rafique highlighted that emerging market investors are increasingly demanding access to stable dollars and U.S. markets rather than speculative tokens, describing the broader digital asset sector as reaching a critical inflection point.