Aiming to simplify crypto transactions and mainstream adoption of stablecoin-based payments, OKX officially launched OKX Pay, a self-custody crypto payment app embedded within its main platform, the crypto exchange announced.
About the OKX Pay
The initial version of OKX Pay, now available in select markets with a full rollout planned, allows users to send and receive stablecoins $USDT and $USDC with zero fees and near-instant settlement.
According to OKX Chief Executive Officer (CEO) Star Wu, the platform introduced a new feature in OKX Pay that makes self-custody and crypto payments easier for users. That instead of managing a full private key, users store half of it in their passkey wallet while OKX holds the other half.
He noted that this setup allows users to recover their wallets easily through account abstraction and zero-knowledge (ZK) email, similar to traditional banking, and keeps funds secure without needing to save seed phrases.
“The main feature of OKX Pay is its ability to be a self custody solution where customers don’t need to manage a private key — a task that has traditionally been a barrier to crypto participation for many people.”
Star Wu, Chief Executive Officer, OKX
Wu also emphasized that OKX Pay is designed with compliance and security features, including know-your-customer, anti-money-laundering, and multisignature protections. He assured that OKX cannot move any customer funds without explicit permission.
The platform also offers zero transaction costs by operating on OKX’s X Layer, a ZK-based layer two blockchain built with Polygon’s cloud development kit.
Moreover, the crypto exchange highlighted that users can send money to individuals or groups without limits, subject to compliance rules.
The app also offers a “silent rewards” feature, where users automatically earn rewards on their deposits through low-risk on-chain protocols. Funds stay flexible and can be withdrawn anytime.
About the OKX Card
Recently, Mastercard announced that it is partnering with OKX to launch the OKX Card, a new debit card that connects crypto trading and web3 spending to Mastercard’s global merchant network.
The move is part of Mastercard’s broader initiative to expand stablecoin payment capabilities, making transactions as seamless as traditional payments.
The OKX Card is seen to allow users to spend crypto more easily, while merchants will be able to settle directly in stablecoins like $USDC and $USDP through collaborations with Circle, Nuvei, and Paxos.
Looking Forward
Wu added that their vision includes integrating payment service providers, such as Mastercard, Stripe, and others, in the next phase to be able to enable users to easily make purchases through merchant point-of-sale systems using the app. Related partnerships will be announced soon, according to the CEO.
Furthermore, he stated OKX Pay and X Layer represent essential infrastructure for the future of finance, enabling financial institutions to offer self-custody services like payments and remittances.
He also expressed his belief that as crypto adoption grows, institutions will build decentralized apps using OKX Pay, emphasizing that OKX is ready to meet rising demand with speed, compliance and security.
“In the future, all financial companies will offer some level of compliant self-custody, including payments and remittances. With OKX Pay and X Layer, we’re building the infrastructure foundation for that future, a future that will see a billion more people adopt crypto and web3. Crypto is already going mainstream — and OKX Pay will accelerate the journey.”
Star Wu, Chief Executive Officer, OKX
Recent OKX News
Recently, OKX officially launched its crypto exchange and web3 wallet in the United States, establishing a headquarters in San Jose, California. It offers phased access to trading services and fiat integration in the country.
Also announced this April, OKX and Standard Chartered launched a collateral mirroring program under Dubai’s regulatory framework, allowing institutional clients to use crypto and tokenized money market funds as off-exchange collateral.
Moreover, OKX published its 29th consecutive proof-of-reserves report, verifying $24.6 billion in customer-backed assets with over 100% reserve ratios for top cryptocurrencies, including $BTC, $ETH, $USDT, and $USDC.
This article is published on BitPinas: OKX Launches OKX Pay: Self-Custody Stablecoin Payment App with Zero Fees
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