Cryptocurrency exchange OKX launched a stablecoin payment card across Europe on Wednesday, joining platforms that processed $91.3 million in crypto card spending through Visa partnerships last year.
The OKX Card allows users to spend stablecoins including Circle's USDC and Paxos-issued Global Dollar at Mastercard merchants. Stablecoins remain in self-custody wallets until purchase, when conversion to euros occurs at checkout with a 0.4% market spread.
OKX issues the card through Monavate, a licensed European electronic money institution.
The product operates under the EU's Markets in Crypto-Assets regulation, which established standardized requirements for crypto service providers across the bloc.
The card charges no transaction or foreign exchange fees. OKX confirmed a promotional rewards program offering up to 20% crypto cashback during the initial 30-day launch period.
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What Happened
The card supports Apple Pay and Google Pay integration and functions across Mastercard's network at more than 150 million merchant locations. Unlike some crypto cards that require manual asset conversion or preloaded balances, the OKX Card converts stablecoins at point of sale.
Users must complete know-your-customer and anti-money laundering verification to access the card through the OKX Pay wallet interface. The card is available to verified OKX users within the European Economic Area.
OKX Europe CEO Erald Ghoos said regulators have provided "real guardrails" through MiCA, which took full effect in December 2024. The framework requires stablecoin issuers to maintain adequate reserves and meet licensing standards.
Why It Matters
The launch follows broader adoption of crypto-linked payment cards. Visa-issued crypto cards from platforms including EtherFi and Cypher recorded 525% spending growth in 2025, rising from $14.6 million in January to $91.3 million in December, according to Dune Analytics.
Mastercard executive Christian Rau called the OKX partnership part of efforts to integrate stablecoins into mainstream payment infrastructure. Visa expanded stablecoin support across four blockchains in 2025 and launched an advisory team to help financial institutions deploy stablecoin products.
Crypto payment cards face competition from established digital payment systems that already offer low-friction transactions. Cards must demonstrate advantages beyond marginal improvements to gain sustained adoption, particularly as volatility and self-custody complexity have historically limited crypto payment use cases.
The promotional rewards structure and regulatory compliance framework suggest OKX targets users familiar with crypto mechanics rather than mainstream consumer adoption in the near term.
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