OKX launches flexible USDC loans in Europe

OKX loans charge hourly interest without a fixed term

Under the launch terms, OKX allows borrowers to choose when to repay rather than committing to a set maturity date. Customers can make partial repayments or settle the full balance, the exchange said.

At the time of the announcement, OKX listed $USDC interest at 0.000229% per hour, describing that as about 2% a year. The company said borrowers could check the live rate before accepting a loan and continue monitoring it in the app while the debt remained outstanding.

For updated borrowing costs, the exchange directed customers to its rate page, rather than presenting the launch rate as a fixed charge for the life of a loan.

Explaining the product’s intended use, Erald Ghoos, CEO of OKX Europe, said long-term holders sometimes wanted access to cash while retaining their crypto.

“A lot of people in Europe hold crypto for the long term and don’t want to have to sell it to free up cash temporarily,” Ghoos said.

He described the repayment model as: “Borrow $USDC when you need it, pay for the hours you use it, and repay when you’re done.”

For the borrowed funds, OKX listed trading, participation in X Drop Club, and use through Earn among the available options. Customers could also withdraw their $USDC for everyday needs, according to the announcement.