- OKX launches digital dollar wallet and card in Brazil for faster and cheaper transactions.
- Brazilians can convert reais to stablecoins instantly and earn up to 10% APY.
- The platform cuts fees and taxes compared to traditional brokers and international transfers.
OKX, a major cryptocurrency exchange, has launched consumer-focused services in Brazil. The company introduced a digital dollar wallet and a Mastercard debit card. The move targets everyday consumers seeking low-cost alternatives to traditional dollar brokers. The new products integrate stablecoins with Brazil’s instant payment system, PIX, enabling fast digital transactions.
The launch aims to simplify dollar access for Brazilians. Traditionally, many relied on high-cost physical dollar brokers. These brokers often lack consumer protection and efficiency. OKX’s digital solution provides a regulated framework to dollarize, save, and spend without hidden fees. Users can convert Brazilian Reais into stablecoins in seconds. The wallet also supports yield generation of up to 10% APY, calculated daily and paid weekly. OKX and Standard Chartered recently announced plans to offer regulated crypto trading services across the European Economic Area.
Digital Dollar Wallet and Payment Card
OKX Pay functions as a stablecoin-based digital dollar account on the X Layer blockchain. It gives users an opportunity to earn interest when they have digital dollars. The wallet facilitates both local and international payments, thereby simplifying international payments. OKX Card complements the wallet, connecting directly to Pay balances. It operates as a USD Mastercard debit card compatible with Apple Pay and Google Wallet. Moreover, OKX allowed its users in the EEA to fund their crypto accounts directly using PayPal payment methods in July.
The card lets users spend stablecoins online and in stores globally. It removes friction from conversion spreads and Brazil’s 3.5% IOF foreign transaction tax. Foreign currency purchases settle at market rates, enabling stablecoin balances to function like traditional dollar accounts. Together, the wallet and card create a closed-loop financial system for users, managing dollar exposure and enabling instant spending without converting back to local currency.
Lower Costs and Faster Transfers
OKX analysis shows that the combined platform reduces fees and taxes by up to $39 per $1,000 transaction compared to traditional services. Transfers using OKX Pay cost about $17.30, while spot market use lowers it to $8.
Alternatives like Wise and Nomad cost $42.90 and $56.00 respectively. By leveraging stablecoins, OKX removes conversion friction and streamlines cross-border transactions. The platform also uses Brazil’s CNH digital ID system for fast onboarding and KYC verification.
Crypto Adoption Drives Dollarization
Brazil is the leading cryptocurrency market in Latin America and ranks fifth globally for adoption. Stablecoins account for over 90% of crypto transactions in the country. Homes and small enterprises are also demanding dollar-denominated savings and inflation-proof instruments.
During the timeframe of July 2024-June 2025, Brazilian users were estimated to have received an amount of $318.8 billion of digital assets. The local crypto market peaked to about $1.5 trillion during the same time, with monthly trading increasing by $20.8 billion in 2022 to $87.7 billion in December 2024.
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