OKX, one of the world’s largest cryptocurrency exchange platforms, is targeting everyday consumers in Brazil.
The company is launching a digital dollar wallet and card designed to challenge the high-cost dollar broker market and simplify access to global finance.
Summary
- OKX launched a stablecoin-based Pay wallet and Mastercard card in Brazil, linking directly to the PIX network.
- The products let users convert Reais to digital dollars, earn APY, and spend globally without foreign transaction fees.
- The move targets Brazil’s costly dollar broker market, giving users a regulated and seamless path to dollarize and transact.
According to an announcement on Nov. 6, OKX has launched its new Pay and Card products in Brazil, expanding the exchange’s footprint into consumer finance.
The rollout includes a stablecoin-based digital dollar account that integrates directly with PIX, Brazil’s dominant instant payment network, and a Mastercard debit card that connects to those balances for global spending.
Together, the products are designed to give Brazilians a way to dollarize, save, and spend without the hidden costs tied to physical dollar brokers or foreign transaction fees.
OKX aims to replace dollar brokers
The OKX team said that, historically, the average Brazilian seeking a hedge against local currency volatility or preparing for travel has relied on high-cost physical dollar brokers.
This informal market, while pervasive, lacks the efficiency and consumer protections of a regulated digital framework. OKX Pay is positioned as a direct alternative, functioning as a digital dollar account built on the exchange’s zero-knowledge proof-based X Layer blockchain.
Per the announcement, OKX Pay allows users to “dollarize instantly” by converting Brazilian Reais to stablecoins via the PIX network in seconds. Beyond simple conversion, the wallet enables users to earn yield on their holdings, with OKX specifying up to 10% APY calculated daily and paid weekly without a lock-up period. It also facilitates global transfers of “digital dollars,” both domestically and internationally.
Complementing the wallet is the OKX Card, a USD Mastercard debit card that connects directly to Pay balances and is compatible with Apple Pay and Google Wallet. The card lets Brazilians spend stablecoins online or in-store, removing typical friction such as conversion spreads or Brazil’s IOF foreign transaction tax.
According to OKX, purchases in foreign currencies settle at market rates, allowing stablecoin balances to function like traditional dollar accounts in a global retail context.
By pairing a self-custody digital dollar wallet with a globally accepted payment card, OKX is attempting to create a closed-loop financial system for its users. This model allows Brazilians to manage dollar exposure, earn yield on that position, and then spend it without needing to off-ramp back into the local currency first.
