Crypto exchange OKX has launched its OKX Pay and OKX Card services in Brazil, enabling users to make payments and save in USD-denominated stablecoins. The rollout comes in the context of the country’s increasing use of digital dollars as a response to inflation and exchange rate instability. Industry data indicates that stablecoins make up more than 90% of cryptocurrency transaction volume in Brazil, reflecting the growing preference for dollar-linked assets.
According to Cryptonews, Brazil ranks fifth globally for crypto adoption and leads Latin America in digital asset use, particularly among small businesses and individuals looking for greater financial stability.
Growing access to dollar-based digital finance
Through integration with PIX, the country’s instant payment network, users can convert BRL to USD stablecoins almost immediately. OKX officials noted that this integration aims to simplify access to stablecoin finance without relying on traditional banks or intermediaries.
According to an internal cost assessment by OKX, using stablecoins for payments through OKX Pay and OKX Card can reduce transaction costs significantly. The company estimates that a USD 1,000 transfer could save up to USD 39 in fees and taxes compared with conventional remittance services, particularly after factoring in Brazil’s reinstated 3.5% IOF tax on financial operations.
The cost comparison suggests that OKX’s method, which uses stablecoins as a settlement layer, can limit foreign exchange spreads and platform fees.
The OKX Pay system operates on the company’s X Layer blockchain, based on zero-knowledge technology. It allows users to earn daily calculated yields of up to 10% APY on stablecoin balances, distributed weekly and without lock-up requirements. Meanwhile, the OKX Card works as a USD-denominated Mastercard debit card linked directly to a user’s stablecoin wallet. It supports global payments through Mastercard’s network and can be added to Apple Pay and Google Wallet for digital transactions.
A representative from OKX said the goal of these new tools is to integrate stablecoins into everyday financial activity in Brazil, offering a simpler and more cost-efficient way to engage with the global economy.
Brazil’s increasing engagement with cryptocurrencies continues to expand. Between July 2024 and June 2025, Chainalysis data estimated that users in the country received roughly USD 318.8 billion in digital assets, which represents almost one-third of Latin America’s total crypto activity, which reached about USD 1.5 trillion in the same period.
