Crypto exchange OKX has launched a new digital account and debit card in Brazil, offering residents commission-free access to digital U.S. dollars, high yields, and an exemption from traditional foreign transaction taxes.
The initiative introduces OKX Pay, a digital account allowing users to save, transfer, and spend stablecoins like USDG, USDC, and USDT without transaction fees. OKX states users can earn up to a 10% annual yield on their stablecoin holdings, with interest calculated daily and paid weekly.
Complementing this is the OKX Card, an international debit card backed by Mastercard. It connects directly to the OKX Pay account, enabling purchases to be debited from a user’s stablecoin balance.
A key feature of the OKX Card is its exemption from Brazil’s IOF tax, typically applied to foreign purchases, and the absence of spreads or surcharges for currency conversion. Transactions are settled at the real market exchange rate.
Guilherme Sacamone, CEO of OKX Brazil, stated the goal is to position stablecoins “at the center of Brazilians’ daily finances.” He added that the products aim to provide “seamless and profitable access to the digital asset economy, without hidden fees or conversion costs.”
OKX Pay operates on X Layer, the company’s ZK blockchain network, ensuring security and privacy for users. This infrastructure facilitates instant local and international transfers, designed to offer an experience similar to traditional banking.
Users can convert Brazilian Reals to stablecoins instantly through the PIX payment system. Funds generate automatic earnings without requiring lockups or fixed terms.
The OKX Card is accepted globally at millions of Mastercard-enabled merchants and can be integrated with mobile payment platforms like Apple Pay and Google Wallet.
This launch underscores OKX’s strategy to expand its footprint in Latin America, where Brazil is recognized as a rapidly growing market for digital finance with an active cryptocurrency ecosystem and developing regulatory framework. The company seeks to compete directly with existing fintech and traditional banking solutions by offering a more efficient and economical alternative.