Samsung Adds Stablecoin Support to Digital Wallet

Samsung's digital wallet is set to expand its capabilities by adding native support for stablecoins. The company made the announcement at Galaxy Unpacked in London, where it showed a mockup of Circle's USDC token within the app. Stablecoins are designed to hold a steady value, usually $1, by being backed one-to-one with cash or short-term government debt.

This move is part of Samsung's efforts to bring new forms of digital value into its wallet. The company has been involved in crypto storage since 2019 through Knox, and later added support for various cryptocurrencies. In 2021, it allowed Galaxy owners to link hardware wallets directly to the vault within the app.

The stablecoin plan landed alongside the launch of Samsung's first credit card in the US, issued by Barclays on the Visa network. The card offers 5% cash back on Samsung purchases and 3% on Samsung Wallet transactions.