Samsung Wallet to add USDC remittances in late October
Samsung will add USDC transfers to Wallet in late October for eligible users on 82 million U.S. Galaxy devices, with bank payouts available in more than 60 countries.
The Blocktape Editors 2 min read 77c6f0
Samsung Electronics America said Oct. 7 that Samsung Wallet will add USDC transfers in the last week of October, bringing cross-border payments to 82 million compatible U.S. Galaxy devices. The feature will let eligible users send USDC to crypto wallets abroad or pay out to bank accounts in more than 60 countries, according to Samsung’s announcement.
Who can use Samsung Wallet’s USDC feature?
The service is for eligible U.S. residents aged 18 or older with a Samsung Account and a compatible Galaxy device running Android 13 or higher. Samsung says users must register, verify their identity and set up biometric authentication; transfers must be authorized on a registered device.
Samsung describes the 82 million figure as compatible U.S. Galaxy devices, not a count of enrolled users. The feature will initially support USDC, a dollar-denominated stablecoin.
How will users send money across borders?
Users will be able to send USDC from Samsung Wallet to compatible crypto wallets or exchange accounts on supported networks. Samsung says it will charge no fee for transfers to external wallets, though receiving providers may charge fees and transfer speed depends on network conditions.
For bank payouts, recipients in more than 60 countries may receive local currency without a crypto wallet. Those transfers carry fees that vary by destination and amount; Samsung says the app will show the fee and estimated delivery time before the sender confirms.
Which companies handle custody and the rollout?
Samsung says Bastion will provide the stablecoin payment framework and Coinbase will act as sub-custodian through Coinbase Prime Vault, as Coinbase’s announcement also describes. Samsung says Solana and Sui will provide blockchain network support.
The service is scheduled to launch in the last week of October in the United States. Samsung says any expansion to other markets will depend on local regulations.
Source material
- Samsung’s announcement — samsung-newsroom-production.barbariangroup.com
- Coinbase’s announcement — coinbase.com