OKX has opened applications for a US version of the OKX Card, according to official product and eligibility documentation published on October 28. The card is a virtual Mastercard secured charge card issued by WebBank, rather than a debit or prepaid card.
Stablecoins secure the spending balance
US cardholders can use USDC, USDT or USDG held in an OKX Pay account as collateral. When a purchase is authorized, the corresponding stablecoin amount is reserved. Available credit is based on the unencumbered supported stablecoin balance, although WebBank may also apply a maximum credit limit.
Customers choose between two repayment methods:
- Auto Repay: reserved stablecoins are liquidated one business day after each card transaction settles.
- Pay with Fiat: balances accumulate over a 28-day billing cycle and can be paid in USD. Payment is due no later than 21 days after the statement; unpaid balances are covered by liquidating the reserved stablecoins.
OKX states that the card has 0% interest and no APR. The cardholder agreement lists no annual, purchase, foreign-transaction, late-payment or returned-payment fees. Customers remain responsible for any shortfall if stablecoin liquidation does not cover the balance, including after a depeg.
Virtual-only at launch
There is no physical US card at launch. The virtual card can be added to Apple Pay or Google Pay for eligible online and contactless in-store purchases at Mastercard merchants. ATM withdrawals, cash advances and cash-equivalent transactions are not supported.
Applications require completed OKX Exchange identity verification, an active OKX Pay account and successful card pre-screening checks. Approved applicants typically receive the virtual card immediately.
Availability excludes Massachusetts, New York, American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the US Virgin Islands. OKX says the card is available to eligible customers in other supported US states and territories.
Sources: OKX card overview, eligibility and application instructions, and the US cardholder agreement.