OKX Card Turns Stablecoins Into Spending Power, With…
By Rick Steves
AI summary of the source article
OKX has launched a virtual Mastercard in the United States issued by WebBank, enabling eligible customers to make purchases backed by USDC, USDT, or USDG held as collateral in OKX Pay.
Why it matters
The text notes that "the launch makes digital assets more usable in ordinary commerce, but introduces questions about collateral, repayment, issuer responsibilities and the terms attached to rewards."
Key facts
- The virtual card is issued by WebBank and operates on Mastercard's merchant network using stablecoins as collateral.
- The rollout excludes New York, Massachusetts, and several U.S. territories.
- The card features no transaction or foreign-exchange fees, along with up to 10% cashback on eligible USDG purchases.
Source excerpt · FinanceFeeds
OKX has launched a virtual Mastercard in the United States that lets eligible customers make purchases backed by USDC, USDT or USDG held in OKX Pay. The product is positioned as stablecoin spending with no transaction or foreign-exchange fees, alongside up to 10% cashback on eligible USDG purchases. But the card’s structure is closer to a secured charge card than a conventional debit card: OKX’s h…