Samsung Wallet Adds USDC on Solana Stablecoin Accounts for U.S. Galaxy Users

Samsung has opened stablecoinСтейблкоинA stablecoin is a crypto asset whose price is pegged to a fiat currency (most often the US dollar) and maintained by reserves or an algorithm. accounts in its Samsung Wallet in the U.S. Eligible Galaxy users can buy, hold, send and receive USDCUSDCUSDC (USD Coin) is a stablecoin issued at a 1:1 ratio to the US dollar and backed by cash reserves and short-term US Treasury bonds. on the Solana blockchainБлокчейнA blockchain is a distributed database in the form of a chain of blocks, where each record is cryptographically linked to the previous one, and copies are stored by many network participants. directly in the app, without downloading a separate crypto walletКриптокошелёкA crypto wallet is a software program or hardware device that stores private keys used to access cryptocurrency and sign transactions. The coins themselves are recorded on the blockchain, and the wallet manages access to them. or managing private keys. According to Decrypt, the feature went live on Thursday and is available on about 82 million compatible Galaxy devices in the U.S. USDC is issued by Circle and pegged to the U.S. dollar. Samsung first announced its choice of Solana for USDC transfers on October 7, and over the summer the service had hinted at stablecoin support.

How the service is built

The product is built with Bastion, a licensed stablecoin custodian and infrastructure provider, and Coinbase. Coinbase holds the USDC as Bastion's sub-custodian through its Coinbase Prime Vault. In its product description, Samsung stresses that the account is a crypto wallet, not a bank account.

Fees and restrictions

Transfers of USDC to other Samsung Wallet users in the U.S. and to compatible external crypto wallets carry no Samsung transfer fee, although third-party providers may charge their own. PayoutsВыплатаPayout means transferring money to a recipient: a client withdrawal from a platform balance, a partner payment to an affiliate, or a player's winnings. In betting and gambling, the term refers to paying out winnings on a bet. to bank accounts in more than 60 countries are also available, with fees depending on the recipient's country. Topping up by credit card, including through Samsung Pay, costs 4%, and withdrawalsВывод средствWithdrawal is the transfer of a player's or customer's balance from the platform's internal account to an external payment instrument: a card, e-wallet, bank account, or crypto wallet. to a bank account or debit card are also subject to a fee.

New users who make a first top-up of $50 or more receive $25 in USDC. The service requires Android 13 or later and is open to U.S. residents aged 18 and older, except those in New York.

Samsung's plans

Samsung says it is exploring stablecoin payments both online and in stores, as well as expansion into other markets, subject to local regulation. Solana Foundation President Lily Liu said in a comment that stablecoins have proved the technology works but lacked a path to the mainstream. Woncheol Chai, who leadsЛидLead — a contact or sign-up from a potential customer, collected through an offer form: phone number, email, or registration. The base unit of payment in the CPL model. the digital wallet team in Samsung's mobile business, described the goal as letting users make transfers without complex crypto tools.