OKX is rolling out a rewards program for eligible US users that pays up to 4.1% APY on holdings of USDG, the Paxos-issued stablecoin. No lock-ups, no staking requirements, no holding caps.

The program, which launched on April 1, 2026, splits into two tiers. VIP users get the full 4.1% rate, while regular users earn 3.5% APY. Payouts happen automatically every week, calculated based on average balances from Monday through Sunday.

How the program works and who qualifies

The VIP designation isn’t just a fancy label. Qualifying requires a minimum of $100,000 in trading volume or assets over a rolling 30-day period. Rewards apply only to USDG balances held in OKX exchange accounts, not external wallets.

USDG itself, formally known as Global Dollar, is a USD-pegged stablecoin issued by Paxos Digital Singapore. It currently carries a market capitalization of roughly $3.4B and trades near $1.001. The stablecoin operates across multiple blockchains including Solana, Ethereum, and X Layer.

OKX also offers zero-fee conversions between USD and USDC on its platform.

The GENIUS Act factor

This program arrives amid heightened regulatory scrutiny of stablecoin yields, specifically because of the GENIUS Act enacted in July 2025. The legislation drew a clear line: stablecoin issuers themselves cannot pay interest or yield simply for holding their tokens. But the law left a door open for exchanges and platforms to build their own reward structures around those same stablecoins.

The current rates also reflect a notable cooldown from earlier offerings. Previous USDG programs at OKX featured rates as high as 10% for non-US users, but those were adjusted downward in March 2026 as part of what the exchange described as sustainability goals.

The competitive landscape

OKX isn’t the only exchange playing this game. Kraken currently offers up to 4.25% APY for subscribers on its own stablecoin rewards program, slightly edging out OKX’s top rate.

Unlike FDIC-insured bank deposits, stablecoin holdings on an exchange carry counterparty risk. The GENIUS Act introduced regulatory guardrails for stablecoin issuers, but exchange-level protections remain a separate conversation.