Cryptocurrency exchange OKX wants make stablecoins easy to use for non-crypto users.
OKX is now enabling eligible customers convert over 50 local currencies into dollar-backed stablecoins and spend from a virtual or physical card in a new app called OKX Money.
Users will to fund accounts with local currencies and hold USDG, USDC or USDT and make purchases in other currencies, OKX said on Tuesday.
OKX is aiming those services at customers in markets where local currencies can be volatile and access to U.S.-dollar savings, global cards or cross-border payments are limited or costly. OKX appears to be designing products to keep the blockchain element abstracted or out of sight for users who simply want to hold digital dollars and use a card.
For non-crypto native users, the mechanics of onchain transactions present a steep learning curve. Managing wallet addresses, gas tokens, and cross-chain bridges creates immediate friction for anyone who simply wants a dollar-denominated account. Abstracating the underlying blockchain rails allows platforms to offer the core benefits of digital dollars, such as high-yield savings and low-cost cross-border transfers, without forcing customers to learn onchain mechanics.
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