Samsung Wallet is adding USDC stablecoin support, marking the first stablecoin feature available in the app. The service will be accessible to eligible US Galaxy devices starting in the last week of October, allowing users to send money internationally without installing a separate cryptocurrency application.
The feature is powered by Coinbase, which acts as sub-custodian for the USDC holdings. Bastion, a licensed custodian holding a New York trust charter, operates the accounts and provides payment infrastructure. Bastion is backed by investors including Andreessen Horowitz and Coinbase Ventures.
Users can send USDC from Samsung Wallet to crypto wallets abroad at no Samsung fee. Transfers can also reach bank accounts in over 60 countries, with recipients receiving local currency. The service will run on infrastructure that includes Solana and Sui networks, according to Samsung.
However, users must pass identity verification requirements to access the feature. The 82 million figure cited reflects compatible devices rather than actual users who will activate the service.
Remittance Cost Questions Remain
A Bank of Italy study found that stablecoin remittances can cost up to 9%, with no clear advantage over traditional bank transfers. Samsung acknowledged that bank transfer fees vary by destination and amount, leaving the savings proposition uncertain for individual users.
For now, Samsung Wallet stablecoin support is limited to transfers only. The company plans tap-to-pay functionality for retail transactions at a future date. Apple has not announced stablecoin support for Apple Pay.
If the service gains adoption among US users, rival wallet applications may face pressure to add similar capabilities.
