In a significant move to enhance financial accessibility, OKX has officially launched OKX Pay and OKX Card in Brazil, catering to the increasing demand for dollar-denominated financial tools among Brazilian consumers. This initiative aims to provide users with a comprehensive savings and payments infrastructure utilizing USD-denominated stablecoins, marking a major advancement in the local cryptocurrency landscape.
The emergence of stablecoins has transformed the Brazilian crypto market, where they now comprise over 90% of the cryptocurrency transaction volume. Brazil’s status as the leading country in Latin America for crypto transactions, and fifth globally in crypto adoption, underscores the critical role stablecoins play in navigating persistent inflation and currency volatility affecting the nation. These digital assets have become essential for saving and facilitating cross-border transactions.
Recent analysis by OKX highlights the platform’s efficiency, revealing that consumers can save up to $39 in fees and taxes for a typical $1,000 transaction using OKX’s services, compared to traditional remittance methods. This savings potential aligns perfectly with Brazil’s pressing need for cost-effective financial solutions.
Harnessing the capabilities of OKX’s ZK-based X Layer blockchain, OKX Pay offers Brazilian users the ability to convert Brazilian reais into USD stablecoins instantly, thanks to its integration with the PIX payment system. Users can also earn up to a 10% annual percentage yield on their stablecoin balances, a benefit calculated daily and distributed weekly, with no required lock-up periods. The platform promises speedy transactions for sending and receiving stablecoins, locally and globally, supported by a user-friendly onboarding process that utilizes Brazil’s CNH digital identity system for rapid KYC verification.
Complementing this service, the OKX Card provides an international USD Mastercard debit option that directly accesses users’ stablecoin balances. This feature effectively circumvents Brazil’s 3.5% IOF (Tax on Financial Operations), reintroduced in May 2025 for foreign currency transactions, thereby enhancing affordability for users. The card is universally accepted wherever Mastercard is utilized, and it supports transactions through popular mobile payment systems like Apple Pay and Google Wallet.
Guilherme Sacamone, CEO of OKX Brazil, expressed the company’s vision, stating, “With OKX Pay and OKX Card, we’re putting stablecoins at the center of everyday finance for Brazilians, making it easier to dollarize, save, earn and spend while staying in control of their funds.” He emphasized that the goal is to provide Brazilians with seamless and cost-efficient access to the global economy, devoid of hidden fees or conversion costs, thereby making cryptocurrency practical and accessible for all.
