OKX Card opens to eligible US customers on Mastercard
OKX Card is now live for eligible US customers on Mastercard, with USDC, USDT and USDG in OKX Pay pledged as collateral for a WebBank secured charge card.
OKX Card is open to eligible US customers, and the cardholder agreement describes pledged credit where the launch note describes spending. On November 2, 2026, OKX said a virtual Mastercard can draw on USD Coin (USDC), Tether (USDT) and Global Dollar (USDG) in OKX Pay, with zero transaction fees and zero foreign-exchange fees. The stablecoins are reserved as collateral, and customers load the virtual card into Apple Pay or Google Pay.
The European card is a different contract. Star Xu, founder and chief executive of OKX, described that design on January 28, 2026. WebBank, a Utah state-chartered bank, issues the US card, and the US help center calls it a secured charge card with the full statement balance due each cycle. PYMNTS reported the November 2 rollout.
"With OKX Card, those stablecoins can be spent anywhere Mastercard is accepted, with real-time conversion to euros at the point of sale. It is a euro-denominated virtual debit card connected directly to OKX Pay."
WebBank's lien covers the encumbered coins
The US cardholder agreement of October 28, 2026 separates the charge card from a debit card, a prepaid card and a stored-value card. OKX INC is the program manager and servicer. The Pay Wallet is OKX's and the agreement calls it non-custodial, while the card is the bank's. Authorization checks available credit, sends the charge to Mastercard and encumbers stablecoins until the bill is paid. WebBank takes a first-priority security interest in those encumbered coins and their proceeds, and the text says the lien survives a bankruptcy case as far as Title 11 allows.
Available credit is the lesser of unencumbered stablecoin value and any maximum the bank sets, minus the outstanding balance. Coins are valued at OKX's rate at authorization, so a depeg can leave dollars short of face value. A charge above available credit is declined.
The rebate follows the repayment election
Auto-repay liquidates encumbered stablecoins one business day after settlement and is the path that earns USDG cashback, according to the US product page. The fiat track accrues on a 28-day cycle, with payment due within 21 days after the cycle close, while a disclosure box starts those 21 days at receipt of the statement. A missed fiat payment is met by selling the encumbered coins. USDC and USDT purchases, and manual dollar repayment, sit outside the rebate. Fees on the schedule are zero for the annual charge, purchases, foreign transactions, late payment and returned payment, and interest is 0%. ATM withdrawals, cash advances and cash equivalents are outside the card.
An eligibility note updated October 30, 2026 requires exchange know-your-customer (KYC) checks, an active OKX Pay account and a pre-screen pass, on an account that is active, unrestricted and in good standing. The map leaves out Massachusetts, New York, American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the US Virgin Islands.
The 10% cashback rate sits on a capped base
The November 2 note offers 2% to 10% cashback on eligible USDG auto-repay, capped at $18,000 a year on the top tier and $15,000 of monthly spend. Infinite, via a $500,000 average balance, $100,000 of 30-day spend, or VIP 4 or higher, pays 10% on $15,000 a month and caps cashback at $1,500, which is 10% of that base. 12 months at $1,500 are the $18,000 annual figure. Signature's 5% rate on a $30,000 monthly base reaches the same $1,500 cap. Tier status is the best of VIP level, 30-day average balance and 30-day spend, and the annual percentage yield (APY) scales up to 10% before falling back to 3.5% above a $10,000 balance.
On August 19, 2026, Erald Ghoos, chief executive of OKX Europe, wrote that summer OKX Card spending in Europe rose 280% and transactions rose 178%, with Bitcoin (BTC) roughly 26% under its level at the start of the year. "That suggests customers are increasingly using the Card for its everyday utility, rather than simply spending more when crypto markets are rising."
SoFi Bank settles its Mastercard book in SoFiUSD, while the merchant can still take cash. Visa's onchain credit path funds a program's daily settlement before cardholders repay. Mastercard's purchase of BVNK puts stablecoin infrastructure inside the acceptance network. US Bank's USBDC on Stellar adds an issuer clawback, a different control from WebBank's lien on customer coins.
One-day liquidations will show if an OKX-marked basket of USDC, USDT and USDG clears when a peg softens. The bank's discretionary maximum will show if a large Pay balance becomes a real line. The state list will show if New York and Massachusetts stay outside the map. Until statements show those three, OKX Card is secured credit with a capped USDG rebate on the Mastercard rail.
This article is informational analysis only and is not financial, investment, or trading advice.
Reporting by Karthik Subramanian. Filed 4 November 2026, 18:03 GMT.
Digital Assets Correspondent
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem.
