Samsung Adds Stablecoin Support to Wallet App

Samsung is further expanding its presence in the crypto and fintech space by adding native support for stablecoins to its Samsung Wallet app.

The move was announced at Galaxy Unpacked in London on July 22, where a mockup of the wallet with Circle's USDC was shown. Lee Dinham, Samsung's product manager, stated that this would make Samsung one of the first major mobile brands to bring native stablecoins to a smartphone, enabling fast and trusted digital value transfers.

The addition of stablecoin support comes as part of Samsung's efforts to expand its wallet beyond traditional payment methods. This includes its recent launch of the Galaxy Card, a credit card issued by Barclays on the Visa network with 5% cash back on Samsung purchases and 3% on Samsung Wallet transactions.

Samsung has been working in the crypto space for some time now, including building crypto storage into Galaxy phones through Knox in 2019 and adding support for Bitcoin, Ethereum, Tron, and Stellar. In October 2021, it expanded a deal with Coinbase that put crypto purchases directly inside Samsung Wallet for 75 million U.S. Galaxy owners.