Samsung Activates USDC Stablecoin Accounts on Solana for Galaxy Users

Samsung Wallet switched on stablecoin accounts for eligible U.S. Galaxy owners on Thursday, letting them buy, hold, transfer and receive USDC on Solana without a separate crypto app or private-key setup, according to Decrypt.

The outlet reports the capability reaches roughly 82 million compatible Galaxy devices in the U.S. Samsung first disclosed the feature on Oct. 7 after teasing USDC support earlier in the summer. Decrypt reports Bastion acts as the licensed stablecoin custodian, with Coinbase Prime Vault serving as sub-custodian safeguarding the USDC.

Samsung does not charge for transfers between Wallet users or to outside crypto wallets, though external providers may still apply their own charges, Decrypt reports. The wallet also supports sends to qualifying bank accounts in more than 60 countries, with recipients potentially getting local currency and destination-based fees applying. Topping up by credit card through Samsung Pay carries a 4% fee, and withdrawals to banks or debit cards also incur charges, per the report. New users who deposit $50 or more on their first top-up get $25 in USDC, Decrypt reports.

Eligibility is limited to devices running Android 13 or newer, and to U.S. residents who are at least 18, with New York excluded, the outlet reports. Solana Foundation president Lily Liu said stablecoins have been technically sound for close to a decade but had not reached mainstream users until now, according to Decrypt, while Samsung mobile executive Woncheol Chai said Solana allows the feature to run at scale with less complexity for users. Decrypt reports Samsung plans to look into stablecoin payments for retail and online purchases and to expand to more regions pending regulatory clearance; a timeline and whether other stablecoins will be added remain unconfirmed.