Samsung Wallet to add USDC transfers in US in late October for 82 million Galaxy devices

Samsung Electronics America said on Oct. 7 that it will add stablecoin wallet functionality to Samsung Wallet in the US starting in the last week of October. The first supported coin is USDC, a stablecoin pegged to the US dollar. The company said the feature will be available on 82 million Galaxy devices in the US at launch.

The 82 million figure is the number of Galaxy devices in the US compatible with Samsung Wallet. The service is open to US residents aged 18 or older with a Samsung Account, on devices running Android 13 or higher, and requires account registration, identity verification and biometric authentication setup.

Cross-border transfers from one wallet app

Samsung said the feature reduces some of the hassle of installing a separate crypto app, creating a wallet and managing private keys (the secret values that control a crypto wallet). Users can send USDC from Samsung Wallet directly to compatible crypto wallets or exchange accounts abroad. Samsung does not charge a fee for USDC transfers to external wallets, though recipient wallets or exchanges may impose their own fees, and transfer speed depends on blockchain network conditions. Transfers to sanctioned jurisdictions are prohibited.

Users can also send money to people without a crypto wallet. Transfers to eligible bank accounts in more than 60 countries are delivered in the recipient's local currency. Fees apply to these transfers, vary by destination country and amount, and are shown in the app along with an estimated delivery time before the sender confirms. The list of supported countries is displayed in the app.

"Sending money abroad should feel as convenient as using the wallet already on your phone."

Woncheol Chai, EVP and Head of the Digital Wallet Team, Mobile eXperience (MX) Business, Samsung Electronics

Bastion and Coinbase, not Samsung, hold the money

Accounts, custody and money movement are provided by regulated partners, not Samsung. In its release, Samsung said it is not a bank, money transmitter or digital asset custodian and does not hold customer funds. The transfer framework is run by Bastion, a stablecoin custodian and infrastructure provider overseen by US financial regulators. Bastion holds a New York trust charter and has preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust bank charter.

USDC in Samsung Wallet is held by Coinbase, Bastion's sub-custodian, in Coinbase Prime Vault. Initiating a transfer requires biometric authentication on a registered device. Other technical support, including blockchain networks, comes from separate partners such as Solana (SOL) and Sui (SUI). The Solana Foundation said in a release the same day that Samsung Wallet and Samsung Pay will support stablecoins on Solana. The foundation said stablecoin supply on Solana is up nearly 20% from a year earlier and that the network has processed more than $5.25 trillion in stablecoin volume so far this year. It added that PayPal and Western Union already use Solana for stablecoins.

The feature extends Samsung's partnership with Coinbase. Samsung Pay was earlier added as a payment option in the Coinbase app, and Samsung Wallet users were given access to benefits of Coinbase One, Coinbase's paid membership. Samsung said at its Galaxy Unpacked event in July that it would bring stablecoins to Samsung Wallet, but did not disclose supported coins, timing or partners at the time.

No timeline yet for in-store payments or other countries

Samsung said future capabilities may include paying with stablecoins online or by tapping a Galaxy device in stores, followed by potential expansion into other markets in line with each country's regulations. It did not name specific countries or a timeline. The announcement did not include plans for South Korea.

USDC traded at 1,362 won on Upbit as of 12:30 p.m. KST on Oct. 8. At the same time, Solana traded at 157,800 won and Sui at 1,553 won on Upbit, about 1.6% and 1.7% above Binance prices converted into won, respectively, a gap known as the kimchi premium (the difference between prices on Korean exchanges and global markets).