Crypto: Samsung Wallet integrates USDC to send money abroad

Digital dollars in phone wallet. Samsung will integrate USDC into Samsung Wallet starting the last week of October for eligible Galaxy users in the United States. The functionality will allow this stablecoin to be sent to compatible wallets and transfer money to bank accounts in over 60 countries, with receipt in local currency.

Key Points

Samsung Wallet and Samsung Pay support sending USDC on Solana starting late October in the US

82 million Galaxy terminals affected, without third-party applications or seed phrase management

Coinbase manages sub-custody via Prime Vault, Bastion acts as authorized custodian

Transfers to bank accounts span over 60 countries, with receipt in local currency

Samsung Wallet integrates USDC transfers from the end of October

The offer takes place directly in Samsung Wallet, without additional crypto application or personal management of private keys. USDC, designed to maintain a value of one dollar, will be the first stablecoin offered and will appear by default when purchasing digital dollars.

Two routes will be available. Users will be able to send USDC to a wallet or platform account compatible with supported networks. Samsung will not charge a fee for these shipments, but the receiving service may apply its own rates. Speed ​​will also depend on network conditions.

Transfers to bank accounts will work differently. Eligible beneficiaries will receive funds in local currency, without having to have a crypto wallet. Fees will apply depending on the country and amount sent. The application will display their cost and an estimated time before confirmation.

Access will remain restricted to eligible U.S. residents who are at least 18 years old, have a Samsung account and a compatible device running Android 13 or later. Registration, identity verification and setting up biometric authentication will be required. The 82 million devices announced therefore represent a compatible fleet, not a number of users already registered with the service.

Bastion and Coinbase provide custody and transfers

Behind the interface, Bastion provides stablecoin accounts, custody, compliance checks and international transfer services. For bank remittances, the company converts USDC and relies on a network of regulated local partners to route funds.

Bastion uses Coinbase Prime Vault as a subcustodian for USDC held in Samsung Wallet. Transfer requests must come from a registered device and receive biometric authorization. Samsung thus provides the access point to the service, while its partners take care of the funds and financial operations.

Blockchain partners include Solana and Sui. The Solana Foundation notably confirms support for USDC transfers on its network. This integration allows the blockchain to be used from the usual wallet interface, with conversion functions between traditional currency and stablecoins.