Read this article on bsc.news Samsung has launched stablecoin accounts inside its Samsung Wallet app, giving eligible Galaxy users in the United States a way to buy, hold, send and receive Ci
Samsung has launched stablecoin accounts inside its Samsung Wallet app, giving eligible Galaxy users in the United States a way to buy, hold, send and receive Circle's $USDC on @Solana without a separate crypto app. Decrypt reported that the accounts went live on Thursday and cover about 82 million compatible Galaxy devices in the US.
The service removes two common barriers to crypto use. According to Decrypt, users do not need to download a separate crypto app or manage private keys themselves.
The product is built with Bastion, a licensed stablecoin custodian and infrastructure provider, and Coinbase. Decrypt said Coinbase safeguards the USDC as Bastion's sub-custodian through its Coinbase Prime Vault. Samsung describes the product as a crypto wallet rather than a bank account, ChainCatcher noted.
On costs and payouts, Decrypt reported that transfers carry no Samsung fees and that users can send money to bank accounts in more than 60 countries. CoinDesk reported that recipients of bank transfers receive funds in local currency. Funding the wallet by credit card carries a 4% fee, and the service is not currently available in New York State, according to PANews, citing Decrypt.
Samsung's footnotes limit the service to US residents aged 18 or older with a Samsung Account, using a Galaxy device compatible with Samsung Wallet that runs Android 13 or higher, Solana Compass reported. The 82 million figure refers to Galaxy devices in the US that are compatible with the wallet.
Samsung first announced the US rollout on October 7. The Block reported that the company said the feature would start in the last week of October, with Solana and Sui infrastructure operating behind the scenes. The launch builds on an earlier preview at Galaxy Unpacked in July, where Stablecoin Insider noted no launch date, partners or markets were disclosed.
Samsung has said it plans to explore stablecoin payments, both online and offline, and expand to other markets over time, TechFlow reported. For now, the product centres on transfers and remittances rather than in-store payments.
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