Samsung Wallet launches stablecoin accounts, supporting USDC on the Solana blockchain

Samsung Wallet has launched a stablecoin account for eligible Galaxy users in the United States, allowing them to buy, hold, send, and receive USDC issued by Circle on the Solana blockchain without the need to download a separate crypto app or manage private keys. This feature covers approximately 82 million compatible Galaxy devices in the U.S.

The service is built in collaboration with licensed stablecoin custodian and infrastructure provider Bastion and Coinbase, with Coinbase acting as a sub-custodian for Bastion to hold USDC through Coinbase Prime Vault. Samsung emphasizes that this account is a crypto wallet and not a bank account. Users can transfer funds to other Samsung Wallet users within the U.S. and compatible external crypto wallets without incurring Samsung fees, and they can also remit to qualified bank accounts in over 60 countries, with the recipient possibly receiving funds in local currency, and fees varying by destination. A 4% fee is charged for credit card top-ups, and withdrawals to bank accounts or debit cards incur the same charge. New users who top up $50 for the first time can receive $25 in USDC. The service requires Android 13 or higher and is available to U.S. residents aged 18 and over, excluding New York State.

Lily Liu, Chair of the Solana Foundation, stated that stablecoins have proven the technology viable over the past decade, but what is lacking is a way to reach mainstream users. Woncheol Chai, head of Samsung's mobile business digital wallet team, mentioned that stablecoins are expected to make global fund transfers faster and more convenient, with Solana helping Samsung expand this experience to its scale. Samsung first announced this feature on October 7 and indicated plans to explore online and offline stablecoin payments while expanding to more markets in compliance with local regulations.