OKX and Mastercard Enable Stablecoin Payments for European Cardholders

OKX has launched a crypto card in the European Economic Area (EEA) that enables direct stablecoins payments anywhere in the world Mastercard is accepted.

The OKX Card also has zero fees transaction fees or foreign exchange (FX) fees and offers instant crypto rewards of up to 20% on eligible purchases for a limited time, the global cryptocurrency platform and on-chain technology company said in a Wednesday (Jan. 28) press release.

The card charges a 0.4% market spread when converting stablecoins to euros, according to the release.

The OKX Card enables on-chain self-custody and instant execution, so stablecoins remain in the user’s wallet until the moment of purchase, when it converts at checkout, per the release.

The card enables Europeans to use crypto for everyday payments without having to manually convert assets, preload balances or absorb hidden fees, the release said.

“We are making stablecoins practical and accessible for everyday finance for everyone, powered by one of the world’s most trusted digital asset platforms,” Erald Ghoos, CEO of OKX Europe, said in the release.

Christian Rau, senior vice president, global digital commercialization at Mastercard, said in the release: “Stablecoins bring more choice to users, and by partnering with OKX, Mastercard is helping bring them into the financial mainstream with trust, scale and utility. Expanding the OKX card to Europeans is a natural next step.”

Mastercard announced in April that it partnered with OKX to launch the OKX Card and to explore other opportunities to help people engage with digital assets.

The partnership joined several others Mastercard has formed around stablecoin use. The partnerships encompass areas such as wallet enablement, card issuing and acceptance; differentiated value through cards and beyond; merchant settlement; on-chain remittances; and powering more efficient payments and commerce applications.

“We believe in the potential of stablecoins to streamline payments and commerce across the value chain,” Mastercard Chief Product Officer Jorn Lambert said in an April press release.

Meanwhile, OKX said in July that it launched an integration that lets OKX users make crypto payments and deposits across the EEA using PayPal. During the same month, it partnered with Circle Internet Group to enable OKX users to more easily convert between U.S. dollars and USDC stablecoins and back on a one-to-one basis.