Summary
- Cryptocurrency exchange OKX reported that it has launched the “OKX Card” in the EU supporting stablecoin payments.
- The card can be used to pay with stablecoins such as Circle (USDC) and can be used at Mastercard merchants across the EU, it said.
- As competition in the stablecoin card market heats up, Visa’s crypto cards saw monthly net spending rise more than sixfold in a year, it reported.
Cryptocurrency exchange OKX has launched a card in the European Union (EU) that supports stablecoin payments.
According to Cointelegraph on the 28th (local time), OKX on the day launched the “OKX Card” in the EU through its electronic money institution (EMI) partner, Monavate. The card allows payments in stablecoins such as Circle’s USDC. It can be used at Mastercard merchants across the EU.
Competition in the stablecoin card market is intensifying. Monthly net spending on six crypto cards issued by Visa in collaboration with blockchain projects jumped more than sixfold in just a year, from $14.6 million in January last year to $91.3 million in December.
Cointelegraph reported that “crypto firms are moving to expand the use of stablecoins for everyday payments under the EU’s evolving regulatory framework.”
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
