OKX Opens U.S. Mastercard Card Backed by Three Stablecoins

OKX made its virtual Mastercard available to eligible U.S. customers Monday, Nov. 2, letting them make purchases against stablecoin balances held in OKX Pay without converting the tokens at checkout.

WebBank issues the product as a secured charge card. USD Coin (USDC), Tether (USDT) and Global Dollar (USDG) in OKX Pay secure the credit used for purchases; the product is not classified as a debit, prepaid or stored-value card. Cardholders can add the virtual card to Apple Pay or Google Pay.

When a purchase is authorized, the necessary stablecoin balance is held as collateral. With automatic repayment turned on, OKX liquidates that collateral one business day after the transaction settles. Customers who choose repayment in dollars instead receive a statement every 28 days, and payment is due no later than 21 days after receipt.

The card has no annual, purchase or foreign-transaction fees. Mastercard converts purchases made in another currency into dollars using a wholesale-market rate for the processing date; the rate can differ from the exchange rate at checkout.

OKX advertises cashback from 2% to 10% in USDG on eligible purchases made in USDG, provided automatic repayment is enabled. At the highest tier, the annual cashback cap is $18,000, calculated against monthly spending of up to $15,000.

A separate feature offers up to 10% APY on USDG held in OKX Pay, with rates depending on customer tier. The rate is 3.5% APY for balances above $10,000.

The card is limited to select U.S. states and territories. It cannot be used in Massachusetts, New York, American Samoa, Guam, the Northern Mariana Islands, Puerto Rico or the U.S. Virgin Islands. OKX has not published a complete list of eligible locations.

Mastercard and OKX announced their partnership on April 28, 2025, as part of work to connect stablecoin wallets with card payments. The launch adds product details to OKX's earlier U.S. card plan.

Supported stablecoins held in OKX Pay are not FDIC-insured. If collateral loses its peg and sale proceeds do not cover the card balance, the cardholder remains responsible for the shortfall.