Samsung Wallet introduces USDC transfers for US Galaxy users
Top line
Samsung Wallet is bringing USDC transfers to 82 million US Galaxy devices in late October, utilizing infrastructure from Bastion and Coinbase without requiring a separate crypto app.
Summary
Samsung Wallet is set to integrate USDC stablecoin transfers for 82 million eligible Galaxy users in the United States starting in late October, eliminating the requirement for a separate cryptocurrency application. The service is managed by regulated custodian Bastion, with Coinbase acting as a sub-custodian, and utilizes networks such as Solana and Sui. Users will be able to send USDC internationally or transfer funds to bank accounts in over 60 countries, though the cost-effectiveness compared to traditional banking remains to be fully verified.
Highlights
- Samsung Wallet will introduce USDC transfer capabilities for 82 million eligible Galaxy device users in the United States starting in the final week of October.
- Users will be able to send USDC without needing a separate cryptocurrency application, though identity verification checks are mandatory.
- Accounts are managed by Bastion, a regulated trust company in New York, while Coinbase acts as a sub-custodian storing USDC in its Prime Vault.
- Network infrastructure for the transfers involves Solana and Sui, alongside other partners.
- Users can send USDC to international crypto wallets with no additional fees from Samsung, or transfer funds to bank accounts in over 60 countries for local currency payouts.
- A Bank of Italy study notes that stablecoin remittances can sometimes cost up to nine percent, meaning cost advantages over traditional banking require further evaluation.
- In-store tap-to-pay functionality using stablecoins remains a future project, and Apple Pay has not yet announced stablecoin support.
- Samsung's overall third-quarter earnings continue to be primarily driven by memory chips designed for artificial intelligence.
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