OKX partners with MasterCard to Launch Crypto Card in the US

OKX, world's second largest crypto exchange, has launched a Mastercard-powered stablecoin card in the US, offering up to 10% APY. But how can it afford these rewards, and what does this reveal about the economics of stablecoin distribution?

The programme brings together five participants, connecting stablecoin balances with conventional card payments.

1. OKX | Programme Manager

Manages the customer relationship, OKX Pay wallet, stablecoin collateral and card repayment. Customers can spend against USDC, USDT and USDG holdings.

2. WebBank | Regulated Card Issuer

Issues the secured charge card and provides the regulated credit framework. Customer purchases create repayment obligations secured by stablecoins.

3. Mastercard | Payment Network

Provides card acceptance and processing infrastructure, allowing customers to spend at existing merchants without requiring blockchain settlement.

4. Paxos | Stablecoin Issuer

Issues USDG, backed by income-generating reserves. Unlike USDC and USDT, USDG is eligible for OKX's enhanced card rewards.

5. Apple Pay / Google Pay | Digital Wallets

Enable mobile and contactless payments through existing merchant infrastructure.

➡️ How can OKX offer 10% APY?

OKX joined Paxos's Global Dollar Network in 2025, which shares stablecoin reserve-related economics with distribution partners. Thus the incentive to promote USDG on the platform.

Consider a customer depositing $500,000 in USDG:

• First $10,000 earns 10% APY: $1,000 annually.

• Remaining $490,000 earns 3.5%: $17,150 annually.

• Total yield: $18,150, equivalent to just 3.63% annually.

Assuming OKX earns a hypothetical 4% distribution fee on the $500,000, it generates $20,000 annually, retaining $1,850 before cashback and operating costs.

It explains that the top-tier 10% cashback applies to the first $15,000 of eligible USDG spending per calendar month with Autopay, capping rewards at 1,500 USDG per month. It also explains how a share of WebBank’s interchange or a spread on stablecoin conversions at repayment could generate revenue for OKX.

➡️ The Bigger Test | Can Revenue Sharing Drive Stablecoin Adoption?

USDG Adoption → Larger Stablecoin Balances → Reserve Revenue → Distribution Incentives → More USDG Adoption

USDG's growth in deposits and payment activity could provide a real-world test of whether sharing stablecoin economics with distributors can accelerate adoption.