Starting the last week of October, eligible US users will be able to send USDC from Samsung Wallet. The manufacturer is targeting 82 million compatible Galaxy devices, with no fees to external wallets, with regulated partners in control of the funds. Stablecoins are reaching a mass distribution stage.
In brief
- Starting the last week of October, eligible US users will be able to send USDC from Samsung Wallet, to 82 million compatible Galaxy devices.
- Samsung does not charge any fees to crypto wallets; beneficiaries without a wallet can be paid to bank accounts in over 60 countries, in local currency.
- Bastion provides custody with Coinbase as subcustodian, and Solana and Sui provide blockchain infrastructure.
From demonstration to launch
Samsung had already presented this feature in July, during Galaxy Unpacked. The manufacturer then showed a transfer of USDC into Samsung Wallet, but without revealing a precise timetable or the partners involved. Three months later, the project enters its concrete phase.
Initially, Samsung is mainly targeting international transfers. From the application, a user will be able to send USDC to a crypto wallet abroad, without fees from Samsung. He can also send funds to a person who does not have a wallet and have his bank account credited in more than 60 countries, in local currency.
Any fees applied by partners or banks will appear before confirmation. Likewise, the reception time will depend on the state of the network.
“ Sending money abroad should be as convenient as using the wallet you already have on your phone “, explains Woncheol Chai, executive vice president of the Wallet team at Samsung.
Coinbase at the heart of conservation
To manage the funds, Samsung relies on specialized players. Bastion will provide custody of the USDC and Coinbase will act as sub-custodian. The funds will notably pass through Coinbase Prime Vault.
Samsung specifies for its part that it will not hold user funds. The company thus leaves account management, conservation and financial flows to its partners. Additionally, each transfer will require biometric authentication on a registered device.
This collaboration extends the merger between Samsung and Coinbase. By 2025, Samsung Pay had already integrated into the Coinbase app. Now, the two groups want to go further with stablecoin payments, both online and in stores.
Solana and Sui complete the system
Samsung, however, is not banking on a single blockchain. The Solana Foundation announced that Samsung Wallet and Samsung Pay will support stablecoins circulating on its blockchainwith conversion solutions between local currencies and USDC.
For its part, the Sui Foundation confirmed that Samsung Wallet had chosen it as its infrastructure partner for USDC.
Competition is also advancing. Cash App, Block’s app, opened USDC to around 60 million users in May. Binance, for its part, gave Circle’s stablecoin a new weapon in payments.
Samsung finally plans to expand the service to other markets, depending on local regulations. At launch, however, access will remain limited to adult American residents with a Samsung account, a Galaxy running Android 13 or more and a verified identity.
The real test will therefore begin at the end of October: Samsung will now have to transform its 82 million compatible devices into active USDC users.
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