OKX is getting ready to launch a new payment service called OKX Pay Wallet

OKX Founder and CEO Star Xu announced the upcoming launch via a post on X, stating it's scheduled for next week. Xu sees this as a key step

Major cryptocurrency exchange OKX is set to introduce its new payment service, OKX Pay Wallet, next week, aiming to simplify stablecoin payments and foster broader crypto use, the exchange's founder and CEO, Star Xu, announced via X.

Xu shared his anticipation for the upcoming launch, highlighting it as a key step toward realizing his vision of "billion-user crypto adoption." This statement comes after OKX launched its standalone DeFi and self-custody wallet app last month, aiming to provide users with a comprehensive crypto management experience.

While full details of the Pay Wallet are still emerging, Xu's post included screenshots showcasing some of the core features and the integration of the Pay Wallet into the existing OKX exchange app. The wallet will focus on facilitating easy crypto payments using stablecoins like USDT and USDC, and it will support peer-to-peer (P2P) transfers.

The system will also include instant fiat on-ramps and off-ramps, enabling users to quickly switch between traditional money (e.g., dollars, euros) and crypto within the wallet. This capability is crucial for seamless integration with the broader financial system.

Moreover, the Pay Wallet will be powered by X Layer, OKX's own Layer 2 network built using Polygon's CDK, aligning with Xu's vision of making X Layer a major global payment chain.

The screenshots hinted at additional features like "Crypto Gifts," designed to provide a fun and engaging way to send and receive cryptocurrency among friends and family. The Pay Wallet will also offer digital red envelopes, a popular tradition in Asian cultures, and chat menus to make the wallet more interactive and user-friendly.

The timing of the Pay Wallet launch coincides with other significant moves by OKX. The exchange recently confirmed its official re-entry into the United States market, setting up a regional headquarters in San Jose, California.

This development follows OKX settling with U.S. authorities in February, agreeing to pay over $504 million in penalties related to earlier unlicensed operations in the country.

As part of its new U.S. strategy focused on compliance, OKX has hired Roshan Robert, formerly of Barclays and Morgan Stanley, as CEO of its American division.

Robert highlighted OKX's goal to offer compliant digital asset products as U.S. regulations continue to take shape, aiming to provide users with a seamless and accessible experience in the evolving cryptocurrency landscape.