OKX Launches Mastercard With Up to 5% Cashback and 10% APY on Balance

OKX Rolls Out Stablecoin-Linked Payment Card

Cryptocurrency exchange OKX has launched its own Mastercard that allows users to spend stablecoins at any merchant accepting the payment network. According to the company's press release, digital assets are automatically converted to fiat currency at the point of sale.

The card is linked to the OKX Pay section and supports three stablecoins: USDT, USDC, and USDG. The system deducts funds from the user's crypto balance at the time of purchase while the merchant receives fiat. Until a transaction occurs, all assets remain in the cardholder's wallet.

Why This Matters

The launch of a stablecoin payment card by one of the world's largest crypto exchanges marks another step toward bridging the gap between digital assets and everyday commerce. By partnering with Mastercard — a network accepted at millions of locations globally — OKX is positioning stablecoins as a practical payment tool for mainstream consumers.

Products like these reduce friction for crypto holders who want to spend their assets without manually converting them through exchanges, potentially accelerating real-world adoption of stablecoins.

Fees and Cashback Structure

OKX states that no fees are charged for transactions or currency conversion. The only cost is a market spread of 0.4% applied when crypto is exchanged into fiat.

Purchases made using the USDG stablecoin qualify for an ongoing cashback program:

• 2% — for users without VIP status;
• 4% — for VIP 1 tier;
• 4.5% — for VIP 2;
• 5% — for VIP 3 and above.

On top of cashback rewards, balances held in OKX Pay earn yield of up to 10% APY.

Launch Campaign and Bonuses

OKX is running a promotional campaign through June 12. New users can receive 10 USDT for activating the card, completing their first transaction, and executing a first trade of at least 1,000 USDT. Additional rewards include up to 50 USDT for referring friends and up to 40 USDT based on trading volume.

Availability and Future Plans

The card is currently available in a limited test mode to a restricted number of users. OKX plans to expand the card's geographic availability as regulatory frameworks allow in additional regions.

This launch follows OKX's March introduction of perpetual contracts on equities — instruments denominated in USDT that trade around the clock with leverage of up to 10x. The exchange continues to broaden its product suite beyond traditional spot and derivatives trading.