Binance and OKX Launch Crypto Cards in Brazil
In early October 2025, Binance and OKX announced new crypto card products for Brazil. Binance relaunched its card through a partnership with Mastercard. OKX introduced a stablecoin-backed account and card under the OKX Pay brand.
These launches aim to promote digital assets for everyday spending. Brazil ranks among the top countries for cryptocurrency adoption worldwide.
Different Approaches to Crypto Payments
OKX launched OKX Pay, a digital account backed by stablecoins and denominated in U.S. dollars. Payments using the OKX Card draw from this account. OKX said users will avoid Brazil’s international taxes (IOF) and currency spread fees.
Binance’s relaunched Binance Card works with Mastercard. It converts cryptocurrencies like Bitcoin (BTC) and Ether (ETH) into Brazilian reais at the point of sale. The card is accepted by merchants in the Mastercard network, according to Binance.
Brazil’s Growing Role in Crypto Payments
Binance and OKX’s simultaneous launches highlight Brazil’s importance in crypto payments. Chainalysis ranks Brazil fifth globally and first in Latin America for crypto adoption.
The cards target users who want to pay with dollar-pegged assets or make international transactions easily. This follows a trend of global firms, such as 21Shares, expanding in Brazil’s crypto market.
Market Impact and Challenges Ahead
The entry of two major exchanges may increase competition in Brazil’s crypto payments market. This could affect fintech companies and other exchanges. The moves reflect a broader effort to use digital assets for retail and cross-border payments.
Challenges remain, including regulatory changes, tax rules on crypto-to-fiat conversions, and volatility of non-stablecoin assets. Stablecoins may reduce some risks, but adoption depends on consumer response and regulation.
Brazil’s experience with these cards could offer insights into crypto product adoption in emerging markets with high crypto use.
