OKX unveils stablecoin payment solution 'OKX Pay'…on-chain payments accelerate

Minseung Kang

Summary

OKX has officially announced the on-chain payment solution 'OKX Pay' centered on stablecoins.
OKX Pay provides QR code payments at partner stores and offers an annual percentage yield (APY) of 4% and 4% cashback on payments, providing various benefits to investors.
The service has a self-custody approach along with a regulatory compliance framework and announced plans for future global service expansion.

Global crypto exchange OKX plans to actively develop on-chain payment services centered on stablecoins.

On the 4th, industry sources reported that OKX recently officially announced its own payment solution 'OKX Pay' at the Alpha Summit 'The New Money Era' held in Singapore. This announcement is part of a strategy to expand stablecoins into everyday payment infrastructure.

According to the company, OKX Pay supports users paying with stablecoins they hold (USDT, USDC, etc.) via QR codes at partner stores in Singapore. It offers an annual percentage yield (APY) of about 4% when depositing assets, and up to 4% cashback on payments. In addition, OKX plans to introduce a debit card developed in collaboration with the McLaren F1 Team in the future. The card will support stablecoin payments at major merchants worldwide and aims to build an ecosystem that enables global travel and spending without a bank account.

In particular, OKX Pay is designed as a self-custody system. Users manage their private keys directly, and OKX cannot move assets without separate consent. At the same time, it has established regulatory compliance measures such as customer due diligence (KYC) and compliance monitoring systems.

Star Xu, founder of OKX, said, "Bitcoin and stablecoins are the greatest achievements created by blockchain," and added, "Stablecoins, with low fees and fast transfer speeds, will be the core of the next-generation global payment system."

Meanwhile, OKX Pay runs on its own Ethereum layer-2 network 'X Layer' and plans to expand service areas to Brazil, Europe, the United States, and others in the future.

OKB