Samsung Wallet launches USDC accounts for US Galaxy phone users
Why it matters
Digital dollars are moving into a wallet app already on millions of phones. If you run payments or remittances, that's a new rival for cross-border transfers, with Coinbase holding the coins behind the scenes.
Post to XThe short version
Samsung launched a feature in its Samsung Wallet app on 5 November that lets eligible US Galaxy phone owners buy, hold, send and receive USDC, a digital token designed to always be worth one dollar. About 82 million US Galaxy devices can use it, and users can send money to bank accounts in over 60 countries.
Samsung Wallet's new Stablecoin Account is now live for eligible US Galaxy users, The Block reported, citing a Samsung statement. It lets people buy, hold, send and receive USDC, a stablecoin (a digital token meant to stay worth one dollar), on the Solana blockchain.
The reach is large. About 82m Galaxy devices in the US are compatible, according to the release. Users must be 18 or over, have a Samsung Account and run Android 13 or later. New York residents are left out.
Sending USDC to another Samsung Wallet user or an outside wallet carries no Samsung fee. Users can also send money to bank accounts in more than 60 countries, with fees that vary by destination.
Who does the plumbing? Bastion runs the accounts and transfers. Coinbase holds the USDC as a sub-custodian, a second firm that safekeeps the coins, through Coinbase Prime Vault, The Block said.
Samsung first announced the feature on 7 October. It now plans to explore paying with stablecoins online and in shops, and launching in more countries where local rules allow.
Where this comes from
Written with AI from the sources above and checked against them before publishing. Here's how we work. This is news, not financial advice. Spotted a mistake? Tell us.
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