Samsung Wallet to add USDC transfers for 82 million US devices
Samsung will add USDC transfers to Wallet for eligible U.S. Galaxy users in late October, with crypto-wallet transfers and bank payouts to more than 60 countries.
The Blocktape Editors 2 min read 24ca82
Samsung Electronics America will add USDC transfers to Samsung Wallet for eligible U.S. Galaxy users in the last week of October, extending cross-border payments to 82 million compatible devices, the company announced Oct. 7. Users will be able to send the dollar-denominated stablecoin to crypto wallets or make payouts to eligible bank accounts abroad.
When will Galaxy users get the feature?
The feature is scheduled to launch in the last week of October, according to Samsung’s announcement. It is limited to eligible U.S. residents aged 18 or older with a Samsung Account and a compatible Galaxy device running Android 13 or higher; registration, identity checks and biometric authentication are required.
Samsung says 82 million U.S. Galaxy devices are compatible with Samsung Wallet. Users can access USDC through the existing app, without installing another crypto app or managing private keys themselves.
How will international transfers work?
Users can send USDC to compatible crypto wallets or exchange accounts in seconds, with no transfer fee charged by Samsung, the company said. Recipient providers may charge fees, and transfer speed depends on network conditions.
Samsung Wallet will also route money to eligible bank accounts in more than 60 countries, where recipients can receive local currency without a crypto wallet. Fees apply to bank transfers, vary by destination and amount, and will be shown in the app before confirmation, Samsung said.
Who will handle custody and the payment infrastructure?
Bastion will provide the stablecoin accounts and cross-border payment framework, while Coinbase will act as sub-custodian for USDC through Coinbase Prime Vault, according to Samsung. Solana and Sui are among the partners Samsung named for infrastructure and blockchain network support.
The service will initially support USDC, with Samsung saying expansion to other markets will depend on local regulatory developments. The company also said possible future features could include online and in-store stablecoin payments.
Source material
- Samsung’s announcement — news.samsung.com