The product allows for real-time conversion of stablecoins to euros, which can then be used for payments anywhere that accepts Mastercard.
The OKX cryptocurrency exchange has just launched OKX Pay and OKX Card in Europe, introducing a legally compliant solution that allows users to spend stablecoins on everyday needs across the European Union (EU).
According to OKX's announcement, users in Europe can deposit euros, convert them to fiat-backed stablecoins, and use the balance for everyday payments.
Through OKX Card , which operates on the Mastercard network, stablecoins are automatically converted to euros at the time of payment, allowing spending at any Mastercard-accepting location.
OKX aims for daily settlements as crypto moves beyond trading.
OKX stated that this move marks a shift in the focus of the crypto industry, which for the past decade has primarily concentrated on building trading platforms and infrastructure.
Currently, the company is targeting scenarios for use in daily life, with payments being XEM as one of the most obvious opportunities.
Crypto payment applications have existed for a long time, but their everyday usage remains limited. According to OKX, this isn't due to a lack of demand, but rather because traditional payment systems are Capital "good enough" for most users, despite transaction limits, cross-border fees, and payment delays.
For crypto payments to gain widespread acceptance, they need to offer significant advantages. Previously, this faced numerous obstacles such as volatile prices, complex self-custodial requirements, inconsistent user experiences, and a lack of legal clarity.
These barriers are now gradually being removed, particularly in Europe. Stablecoins are becoming more widely used, wallet tools are improving, and regulatory frameworks such as the EU's MiCA (Markets in Crypto-Assets) have provided a clear foundation for compliant products.
How do OKX Pay and OKX Card work?
OKX Pay is positioned as the core wallet layer, allowing users to hold stablecoins and use them for everyday expenses such as dining, transportation, or Chia bills.
Depending on the regulations in each country, OKX Pay also allows users to interact with DeFi protocols and real asset applications (RWA) within a regulated framework.
The OKX Card directly connects this balance to the traditional payment system. It's a virtual debit card denominated in euros, directly linked to OKX Pay, and automatically handles currency conversion at the checkout counter.
OKX integrates with PayPal, expanding its stablecoin ecosystem.
Earlier in July, OKX partnered with PayPal to allow users in the European Economic Area (EEA) to buy and top up cryptocurrency directly through the payment platform.
The move aims to simplify the process of buying crypto using familiar methods such as PayPal balances, linked bank accounts, or cards, without requiring additional setup after connecting accounts.
This initiative was launched after OKX completed its registration under the MiCA framework, ensuring full compliance with EU regulations on digital assets.
Additionally, Circle Internet Group and OKX announced a partnership to expand accessibility and liquidation for the USDC stablecoin. This agreement will implement a 1:1 exchange mechanism between USD and USDC on the OKX platform, improving transaction efficiency and accessibility for the exchange's more than 60 million global users.
