Crypto exchange OKX announced the launch of its crypto payments service, OKX Pay, and the virtual debit card OKX Card in Europe. The new solutions allow users to pay with stablecoins at any merchant locations connected to the Mastercard payment network.
Xu Mingxing, Founder and CEO of OKX, announced the launch in Europe of a next-generation cryptocurrency payment infrastructure, OKX Pay and OKX Card. At the initial stage, the solutions are available to users in countries of the European Economic Area (EEA), with plans to expand availability geographically as markets and regulators become ready.
OKX Pay enables users to deposit euros, convert them into fiat-backed stablecoins, and use the funds for everyday payments, from shopping and paying for services to peer-to-peer transfers. Within the scope of existing licenses, the service also provides access to decentralized finance (DeFi) products and tokenized real-world assets (RWA).
OKX Card is the primary tool for both offline and online payments. It’s a virtual debit crypto card issued on Mastercard. The card’s base fiat is the euro, while supported stablecoins include USDG, USDT, and USDC. Conversion from stablecoins to euros occurs in real time at the moment of payment. The fee for converting digital assets when paying in euros doesn’t exceed 0.4%, and there are no additional foreign exchange fees within the Mastercard network in EEA countries.
According to the exchange, the card is issued by the Lithuanian company Monavate, licensed by the Bank of Lithuania as an Electronic Money Institution (EMI). The card program and crypto infrastructure are managed by OKX Europe, a Malta-registered company holding a crypto-asset service provider (CASP) license. The service complies with MiCA regulations, including liability requirements for the loss of crypto-assets in the event of technical failures or cyberattacks.
OKX emphasizes that the card is a prepaid product and not a bank account — funds are stored as crypto-assets and aren’t covered by European deposit guarantee schemes. Users are granted a 14-day withdrawal period after card activation. The company also warns that card usage may constitute a taxable event, and transaction data will be shared with EU tax authorities under the DAC8 directive.
The launch of OKX Pay and OKX Card reflects the crypto industry’s shift from trading toward practical use. According to Xu Mingxing, the initiative aims to make digital assets a convenient and transparent payment instrument comparable to traditional financial services, but without cross-border limitations and with 24/7 settlement.
In April 2025, Mastercard launched a platform for stablecoin operations, which also included the announcement of a joint crypto card issuance with OKX. Besides, Europe saw a sharp increase in demand for crypto cards in 2025.
