Samsung Wallet will let 82 million eligible US Galaxy devices send USDC abroad without a separate crypto app, starting in the last week of October. Still, users must pass identity checks first.
Coinbase called USDC the first stablecoin Samsung Wallet will support. However, the 82 million figure counts compatible devices, not people who will activate the service.
Who Actually Runs the USDC Service Inside Samsung Wallet?
Coinbase said the feature is “powered by Coinbase,” and CEO Brian Armstrong repeated that framing. Samsung’s own announcement tells a more layered story.
According to Samsung, Bastion operates the accounts. The firm is a licensed custodian that safeguards stablecoins for clients and supplies the payment infrastructure. Bastion holds a New York trust charter and counts Andreessen Horowitz and Coinbase Ventures among its backers.
Coinbase, in turn, acts as sub-custodian. In practice, Bastion entrusts the USDC itself to Coinbase, which stores it in its Prime Vault.
Meanwhile, Solana claimed the transfers will run on its network. Samsung, however, names both Solana and Sui, along with other infrastructure partners.
Users can send USDC from Samsung Wallet to crypto wallets abroad without a Samsung fee. In addition, they can move funds to bank accounts in more than 60 countries, where recipients get local currency.
“We’re bringing USDC transfers into Samsung Wallet so eligible Galaxy users can get started without installing another app.”
Woncheol Chai, head of Samsung’s Digital Wallet Team, via Samsung
Can Stablecoins Beat Banks on Remittance Costs?
Bank transfer fees vary by destination and amount, Samsung says. As a result, the savings case for Samsung Wallet users remains open.
A Bank of Italy study found stablecoin remittances can cost up to 9%, with no clear edge over banks.
Samsung’s stablecoin plans have also drawn scrutiny before. In July, the company rejected Open USD partnership claims from the stablecoin’s backers.
For now, the service covers transfers only. Tap-to-pay in stores remains a future plan, the company says. Apple, by contrast, has not announced stablecoin support for Apple Pay.
On the balance sheet, however, memory chips for artificial intelligence (AI) still drive Samsung’s Q3 earnings.
Even so, Samsung Wallet moves stablecoins out of exchange apps and into an app that ships on Galaxy phones. If US users adopt it, rival wallets may face pressure to follow.
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