Samsung Wallet has launched a new feature called Stablecoin Account, allowing eligible U.S. Galaxy users to buy, hold, send, and receive USDC on the Solana blockchain. The service went live on Thursday, following an announcement on October 7, with an initial expected launch date in late October.
Approximately 82 million Galaxy devices in the U.S. are compatible with the service. Users must be at least 18 years old, have a Samsung Account, and own a compatible device running Android 13 or later. Notably, residents of New York are excluded from the service.
Solana Foundation President Lily Liu highlighted the mainstream potential of stablecoins, stating, "For a decade, stablecoins have proved the technology works. What they lacked was a way to reach the mainstream." Users can transfer USDC to other Samsung Wallet users or compatible external crypto wallets without paying a Samsung transfer fee. They can also send money to qualifying bank accounts in over 60 countries, with fees varying by destination.
Bastion handles the stablecoin accounts and transfer infrastructure, while Coinbase serves as the sub-custodian for the USDC through Coinbase Prime Vault. Samsung's new feature allows users to access USDC without installing a separate crypto app or managing private keys. The company also plans to explore online and in-store stablecoin payments and expansion to additional markets, subject to local regulations.