Samsung Wallet to add USDC transfers for US Galaxy users in October
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Samsung announced it will add USDC stablecoin transfer functionality to the Samsung Wallet app for eligible US Galaxy users starting in the last week of October. The feature enables users to send USDC internationally to compatible crypto wallets and bank accounts in over 60 countries, with recipients receiving funds in local currencies. Bastion will provide payment infrastructure, Coinbase will act as sub-custodian, and Solana and Sui are technical partners.
Why it matters
The introduction of USDC transfers in Samsung Wallet aims to increase stablecoin adoption by leveraging the widespread use of Galaxy devices. This move could simplify international money transfers, potentially driving mainstream crypto usage beyond dedicated crypto apps. The source suggests future integration of stablecoins for online and in-store payments could further broaden use cases.
Key context
Samsung first announced plans to integrate stablecoins into Samsung Wallet at its Galaxy Unpacked event in July but did not specify details until now. The service will be restricted to US residents aged 18+ with Galaxy devices running Android 13 or later. Users must complete identity verification to access USDC transfers, which will be free to send externally, though recipient platforms may charge fees.
Key numbers and entities
Samsung, US Galaxy users (82 million devices), USDC stablecoin, Bastion (infrastructure provider), Coinbase Prime Vault (sub-custodian), Solana and Sui (technical partners), Borderless.xyz (payment network covering 60+ countries), Kevin Lehtiniitty (Borderless.xyz CEO). No specific financial figures were provided.
What remains unclear
The source does not specify exact fees for international bank transfers, the timeline for future stablecoin payment features, or how widespread recipient wallet compatibility will be. It is also unclear if the feature will expand beyond US residents or Galaxy devices over time.