Introduction to OKX's New Offerings in Brazil
The cryptocurrency exchange OKX has launched its new tools, OKX Pay and OKX Card, in Brazil, offering users a complete infrastructure for savings and payments denominated in US dollar (USD) stablecoins. With this launch, they seek to meet the growing demand from Brazilians for inflation-resistant savings solutions and efficient cross-border payments, in a country where local currency volatility is a constant concern.
Brazil has consolidated itself as the undisputed leader in cryptocurrency adoption in Latin America and ranks fifth globally. According to industry data, stablecoins now account for more than 90% of the total cryptocurrency transaction volume in the country.
OKX’s new services allow users to instantly convert Brazilian reais (BRL) into USD stablecoins through integration with PIX, the country’s popular instant payment system, thus avoiding the delays and fees of traditional banking.
USD Finances: Saving, Spending, and Yield on OKX
The OKX platform is positioned as a low-cost alternative. According to an internal OKX analysis, the combined platform eliminates up to $39 in fees and taxes on a $1,000 transaction compared to conventional services.
While a transfer through alternatives like Wise or Nomad can cost $42.90 and $56.00 respectively (including the 3.5% IOF tax and exchange rate spreads), OKX Pay reduces it to $17.30, or $8.00 using the spot market.
Built on X Layer, OKX’s ZK blockchain, OKX Pay allows users to earn up to 10% annual percentage yield (APY) on their stablecoin balances, calculated daily and distributed weekly with no lock-ups.
Meanwhile, the OKX Card functions as an international USD Mastercard debit card, drawing directly from the user’s stablecoin balances and integrating with Apple Pay and Google Wallet. Guilherme Sacamone, CEO of OKX Brazil, stated that the goal is “to put stablecoins at the center of everyday finance for Brazilians,” offering “cost-efficient access to the global economy without hidden fees.”
Important Disclaimer
The information presented in this article is for informational purposes only and should not be interpreted as investment advice. The cryptocurrency market is highly volatile and may involve significant risks. We recommend conducting your own analysis.