Samsung announced a stablecoin feature for Samsung Wallet that will become available to eligible Galaxy users in the US in the last week of October. The service will provide access to USDC transfers through Samsung Wallet, including transfers to compatible crypto wallets worldwide and bank accounts in more than 60 countries.

Samsung is integrating the feature directly into Samsung Wallet. Users will not need to install another app, create a separate wallet or manage private keys themselves.

USDC transfers through Samsung Wallet

At launch, USDC will be the first stablecoin supported by the service, which will be available on 82 million Galaxy devices in the US.

Users will be able to send USDC from Samsung Wallet to compatible crypto wallets abroad. Samsung expects those transfers to be completed within seconds and without a transfer fee.

Samsung Wallet will also support transfers to bank accounts in more than 60 countries. Recipients will not need a crypto wallet and will receive the transferred funds in their local currency.

Compatible Galaxy devices will require biometric authentication to confirm each transfer.

Custody and infrastructure

Bastion, a licensed custodian and stablecoin infrastructure provider, is responsible for the service’s infrastructure rollout and regulatory compliance. Bastion has appointed Coinbase as a sub-custodian, and USDC accessed through Samsung Wallet will be held using Coinbase Prime Vault.

Partners including Solana and Sui will provide additional technical infrastructure and blockchain support.

Planned expansion

Samsung plans to expand the service’s functionality. The company is considering enabling stablecoin payments online and through near-field communication, or NFC, in stores.

Samsung is also considering expanding the service to other countries, subject to local regulations.

Source: Incrypted