At a glance

  • Samsung Electronics America will add stablecoin wallet functionality to Samsung Wallet in the last week of October for eligible US users, starting with USDC.
  • Bastion, a licensed stablecoin custodian, runs the accounts, with Coinbase as sub-custodian through Coinbase Prime Vault; Solana and Sui provide network infrastructure.

Samsung will bring USDC transfers into Samsung Wallet on 82 million compatible Galaxy devices in the US, the company said in a statement dated 7 Oct from Plano, Texas.

USDC is a dollar-pegged stablecoin issued by Circle. Users will be able to buy it in the app, where it appears as the default dollar stablecoin, and send it to compatible external crypto wallets or exchange accounts. Samsung said it will not charge a fee for those transfers, though receiving wallets or exchanges may.

Related: What a stablecoin is

The wallet will also send money to eligible bank accounts in more than 60 countries, with the recipient receiving local currency. Fees apply on that route and vary by destination and amount; the app will show them, with an estimated delivery time, before the sender confirms.

“We’re bringing USDC transfers into Samsung Wallet so eligible Galaxy users can get started without installing another app or managing private keys themselves,” said Woncheol Chai, head of the digital wallet team at Samsung’s mobile business.

Who holds the money in Samsung Wallet

Samsung said it is not a bank, money transmitter or custodian and will not hold customer funds. Bastion, which holds a New York trust charter and has preliminary conditional approval from the OCC for a national trust bank, provides the accounts, custody and money movement. Coinbase acts as Bastion’s sub-custodian and holds the USDC through Coinbase Prime, The Block reported.

Related: Rain’s OCC trust bank application

The service is open to US residents aged 18 or over with a Samsung Account and a compatible device running Android 13 or later. It requires identity verification and biometric authentication. Transfers to sanctioned jurisdictions are prohibited.

What it changes for users: eligible Galaxy owners in the US will be able to hold and send USDC from the phone wallet they already use, and pay a disclosed fee to deliver local currency to a bank account abroad.

What happens next

The feature is due in the last week of October. Samsung said future versions may add stablecoin payments online and in stores, and expansion to other markets as local rules allow.

This article is for information only and is not investment advice.