Samsung Wallet to Add USDC Transfers for 82 Million Galaxy Devices in the US

Samsung Electronics has announced its plans for a USDC transfer facility using Samsung Wallet in late October, which will allow Galaxy customers in the US to transfer funds from Samsung wallets to crypto wallets and banks abroad. According to the statement released by the company on October 7, the service will roll out during the last week of October on 82 million US Galaxy devices and will support sending payments to 60+ countries via bank-to-bank payments internationally. This will enable eligible customers to make USDC transfers to crypto wallets at no cost for transfers from Samsung.  Samsung Wallet Will Use Biometric Authentication for USDC Transfers  

Samsung Wallet Will Use Biometric Authentication for USDC Transfers  

The announcement by Samsung further stated that bank account recipients can receive money in their native currency without having any knowledge of crypto assets or the need to download a wallet. The project is being carried out by Samsung in collaboration with Bastion and Coinbase, with Solana and Sui joining in as the infrastructure providers for this project. Through this new project, users of Galaxy devices will have the facility to receive stablecoins without having to download any crypto wallet app.

The Samsung official stated that the integration makes the use of personal keys redundant. The USDC stablecoin is the first type of stablecoin supported and will act as the default dollar stablecoin once the user chooses the Buy Stablecoin option. The Samsung official stated that the integration makes the use of personal keys redundant. The USDC stablecoin is the first type of stablecoin supported and will act as the default dollar stablecoin once the user chooses the Buy Stablecoin option.

International transactions to accounts that meet the criteria will have a different flow of action. Individuals from more than 60 supported countries will be able to get money in their local currency without any difficulty, although applicable fees may vary depending on the destination. The fiat on-ramps and off-ramps will also form part of the process, which will allow eligible users to move between conventional money and USDC through the supported payment infrastructure.

In the case of custody, Samsung has chosen Bastion for the cross-border payments system, while Coinbase will act as the sub-custodian for the same. Bastion is a licensed stablecoin infrastructure and custody provider regulated by the US financial authorities. The USDC that will be stored via the Samsung Wallet service will be stored in Coinbase Prime Vault. Transactions will be conducted with biometric authentication via registered Galaxy phones.

Samsung SDS, part of Samsung Group's IT services structure, is also exploring a stablecoin framework, AI-based payment models, and digital asset systems in cooperation with Dunamu, an operator of Upbit, one of the largest cryptocurrency exchanges. A partnership with Dunamu would help Samsung SDS build a strong stablecoin foundation, which is crucial given the growth of stablecoins over the past year.