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Stablecoins Go Mainstream as Samsung Wallet Adds USDC on Solana
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Samsung Wallet launched stablecoin accounts on Thursday for eligible U.S. Galaxy users, letting them buy, hold, send and receive Circle's USDC on Solana. The feature reaches about 82 million compatible Galaxy devices in the United States. Samsung announced the Solana-based USDC transfers on Oct. 7 after teasing the plan over the summer.
The service is built with Bastion, a licensed stablecoin custodian, and Coinbase, which safeguards USDC through Coinbase Prime Vault as Bastion's sub-custodian. Samsung stressed that the account is a crypto wallet, not a bank account. Users can transfer USDC to other Samsung Wallet users and compatible external wallets without Samsung fees.
Users can also send funds to qualifying bank accounts in more than 60 countries, with recipients potentially receiving local currency and fees varying by destination. Credit card top-ups, including through Samsung Pay, carry a 4% fee, and withdrawals also cost extra. New users who make a first top-up of $50 or more can receive $25 in USDC.
The service requires Android 13 or later and is open to U.S. residents 18 and older, except those in New York. Lily Liu, president of the Solana Foundation, said stablecoins have proved the technology works for a decade but lacked mainstream reach. Woncheol Chai, who leads Samsung's digital wallet team, said stablecoins could make moving money globally faster and easier.
Chai added that Solana helps Samsung deliver that experience at its scale. The launch places stablecoins inside a mainstream consumer wallet already used for credit cards and boarding passes. It also gives Solana and USDC greater exposure to U.S. Galaxy users.
New York's exclusion limits coverage. Samsung said it expects to explore online and in-store stablecoin payments and expand to additional markets, subject to local regulation. The move will test whether stablecoins can reach beyond dedicated crypto users.
