OKX Launches Mastercard Stablecoin Card in the US, Letting Users Spend USDC, USDT and USDG Without Converting First
OKX Card, a virtual Mastercard issued by WebBank, went live for eligible US customers on 2 November, with spending backed by USDC, USDT or USDG held in OKX Pay; it is not available in New York, Massachusetts or five US territories, and OKX pairs it with up to 10% USDG cashback and up to 10% APY on USDG balances.
By Elena Marsh, Journalist, Stablecoins
OKX launched OKX Card in the United States on 2 November 2026. The Mastercard-powered virtual card lets eligible customers make purchases backed by USDC, USDT and USDG held in their OKX Pay wallet, without first converting to dollars or moving funds into a separate balance. The card is issued by WebBank.
It is live in most US states and select territories, but not in Massachusetts, New York, American Samoa, Guam, the Northern Mariana Islands, Puerto Rico or the US Virgin Islands. OKX says there are no transaction fees and no FX fees on purchases. The card can be added to Apple Pay and Google Pay.
How the card is funded
OKX describes the stablecoin balance as securing the card's spending limit rather than being spent directly. Customers settle purchases either through Autopay or by repaying manually from a linked USD balance. That puts a regulated US bank issuer and a dollar repayment path between the customer's stablecoins and the Mastercard network, a common structure for US crypto-backed cards: the merchant is paid in dollars through normal card settlement and never touches a token.
The card follows earlier OKX Card launches in selected markets in Europe, South Asia and Africa, PYMNTS reported, citing the company's release.
The rewards attached
The launch is built around USDG. All terms below are OKX's:
Feature — Terms
Cashback — 2% rising to 10% on eligible USDG purchases with Autopay, by OKX Pay tier; capped at $18,000 a year, on up to $15,000 monthly spend, at the top tier
Yield on balances — USDG held on OKX Pay earns up to 10% APY by tier; amounts above a $10,000 cap fall back to a 3.5% base APY
Subscriptions — 50% back on select subscriptions such as OpenAI, Claude and Netflix, up to $20 a month
Referral — $10 in USDG each after three qualifying transactions
An OKX Pay tier is set by whichever is highest of a customer's OKX VIP tier, 30-day average OKX Pay balance or 30-day card spend.
Why the yield matters more than the card
Stablecoin cards are now common. What stands out is the yield. The GENIUS Act bars permitted payment stablecoin issuers from paying interest or yield to holders, but rewards paid by a distribution platform are a separate question that US lawmakers and banks have contested. OKX is paying up to 10% on USDG balances held on its platform and tying cashback to spending in the same coin. This is a distribution play: the platform pays to move balances into one stablecoin and to keep them there between purchases.
The exclusions also tell a story. New York and Massachusetts are the states left out, and OKX did not say whether or when they would be added.
Sources
- OKX, Mastercard-Powered OKX Card Is Now Live in the United States, Unlocking Stablecoin Spending for Everyday Purchases (2 November 2026)
- PYMNTS, OKX and Mastercard Bring Stablecoin Card to Most US States (2 November 2026)