At a glance
- Samsung’s Stablecoin Account is now live in Samsung Wallet for eligible US Galaxy users, who can buy, hold, send and receive USDC on Solana.
- It was due in the last week of October. New York residents are excluded, and balances are not covered by deposit insurance.
Samsung has switched on USDC accounts in Samsung Wallet for eligible US users on about 82 million compatible Galaxy devices, according to a company statement released on Thursday and reported by The Block and Decrypt.
Samsung charges no fee for USDC sent to another Samsung Wallet user or to a compatible outside wallet. The app can also pay out local currency to bank accounts in over 60 countries.
Samsung’s support page sets out the plumbing. Bastion, a licensed money transmitter, runs the custodial wallet, transfers and remittances. The USDC sits in Coinbase’s institutional custody under an arrangement managed by Bastion.
Stripe and partners such as Bridge handle bank and card top-ups, while Coinflow handles cash-outs. Opening an account is free; other fees vary by method and destination.
A credit card top-up costs 4%, Decrypt reported.
The account also offers optional USDC rewards, capped at 1,500 USDC per calendar year, according to the page. Every login and transfer needs a fingerprint, and transfers cannot be reversed.
“Stablecoins have the potential to make moving money around the world faster and easier,” said Woncheol Chai, head of the digital wallet team in Samsung’s mobile business, in the statement.
What changes for users
Eligible US adults with a Galaxy phone on Android 13 or later can now hold dollars as USDC in the wallet they already use, without a separate crypto app or their own private keys.
The account is not a bank account. Samsung says balances and rewards are not covered by FDIC, NCUA or SIPC protection.
As we reported in October, Samsung announced the feature on 7 Oct for the last week of that month. It has not explained the delay.
Next, Samsung said, it will look at stablecoin payments online and at checkouts, and at launches outside the US where regulation allows.
This article is for information only and is not investment advice.