Stablecoins are moving beyond crypto experiments and into trusted financial infrastructure, OKX said when announcing the launch of a new debit card in Europe.
“Momentum is building rapidly,” OKX Europe CEO Erald Ghoos told CoinDesk. “Regulators are putting real guardrails in place, major banks are not only taking payments and settlements seriously but are participating in EU industry-wide initiatives to become issuers, and everyday users are choosing faster and cheaper digital payments.”
European regulators accelerated this momentum by launching the EU Markets in Crypto-Assets (MiCA) framework, which brings stablecoin issuers and crypto service providers under a single, EU-wide regulatory regime.
Ghoos’ comments came as OKX also announced the launch of a new crypto payment card in Europe, allowing users to spend stablecoins directly at merchants that accept Mastercard.
The OKX Card connects self-service wallets with real-world payments, offering free payouts (albeit a 0.4% market spread on conversions) and cryptocurrency rewards.
Unlike most crypto cards that require manual conversion or preloading of funds, the OKX Card allows users to pay with stablecoins held in their wallets. Assets only convert upon purchase. Users can receive up to 20% cryptocurrency rewards during a limited promotional period.
The card supports tap-to-pay functionality through mobile wallets such as Apple Pay and Google Pay, and can be used in more than 150 million locations worldwide. It is designed to integrate with OKX’s on-chain infrastructure, avoiding centralized hosting and emphasizing user control. “We are making it easy for anyone in Europe to make real-world purchases using cryptocurrencies – instantly, securely and transparently,” Ghoos concluded.
OKX issues the card through a licensed European payment provider and operates in compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Mastercard executive Christian Rau said the expansion is part of an effort to bring stablecoins “into the financial mainstream.”
Ghoos said he believes stablecoins will soon be widely adopted. “Initial adopters may be crypto natives, but over time we believe instant, low-cost global payments via stablecoins will become the default choice for everyone.”