Summary
- Samsung Electronics said it will offer Samsung Wallet users in the U.S. the ability to buy, hold and send USDC on Solana (SOL).
- The company said users can send Circle (USDC) with no fees across roughly 82 million compatible Galaxy devices in the U.S., and that the service also supports transfers to bank accounts in more than 60 countries.
- Samsung Electronics said Bastion and Coinbase Prime Vault will provide the stablecoin infrastructure, and that it is reviewing the addition of stablecoin payments and expansion of the service to other countries.
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Samsung Electronics has launched stablecoin transactions through Samsung Wallet for Galaxy users in the U.S.
The Block reported on Nov. 5 that Samsung said stablecoin accounts had been activated in Samsung Wallet, allowing Galaxy users in the U.S. to buy, hold and send Circle's USDC over the Solana blockchain.
The service is available to U.S. residents age 18 and older with Galaxy devices running Android 13 or later. New York state residents are excluded. Samsung said about 82 million Galaxy devices in the U.S. are compatible with Samsung Wallet.
Users can send USDC to other Samsung Wallet users or to compatible external crypto wallets. Samsung does not charge a separate fee for those transfers, though recipient wallets or exchanges may impose their own fees.
Samsung Wallet also supports sending USDC to eligible bank accounts in more than 60 countries. Recipients can receive the funds in local fiat currency.
Bastion, a stablecoin custody and infrastructure provider, handles stablecoin account operations and transfer infrastructure. Coinbase, the U.S. crypto exchange, serves as Bastion's sub-custodian and stores the USDC through Coinbase Prime Vault. That means users do not need to manage private keys directly.
Samsung also plans to consider adding stablecoin payments for online and offline stores. Expansion to other countries will be pursued in line with local regulations.
