Samsung Wallet brings Solana USDC accounts to US Galaxy users

Samsung’s Stablecoin Account was live in Samsung Wallet by Nov. 5, letting eligible U.S. Galaxy users buy, hold and transfer USDC on Solana, The Block reported. The service adds crypto wallet transfers and international bank payouts to Samsung’s app.

Who can open a Samsung Wallet Stablecoin Account?

U.S. users aged 18 or older need a compatible Galaxy device running Android 13 or later and a Samsung Account, according to The Block. New York residents are excluded, and the service is available without a separate crypto app or user-managed private keys.

How do USDC purchases, transfers and payouts work?

Users can add funds and convert them to USDC, then send USDC to another Samsung Wallet user or a compatible external wallet. Samsung’s Stablecoin Account FAQs say users can also send money to bank accounts overseas, where recipients receive local currency; fees and delivery times vary by method and destination.

Bastion provides the custodial wallet, transfers and international remittances, while Coinbase holds the USDC in institutional custody through an arrangement managed by Bastion, Samsung says. The Block reported that transfers to wallets and other Samsung Wallet users carry no Samsung transfer fee.

How widely is the account available?

About 82 million Galaxy devices in the U.S. are compatible, according to The Block’s account of the launch statement. That figure describes compatible devices, not confirmed account openings or active users.

Samsung says the account holds USDC, not bank deposits, and balances are not covered by FDIC, NCUA or SIPC protections. The company says it plans to explore online and in-store stablecoin payments and expansion to more markets, subject to local regulation.

Sources and documents

• The Block reported — theblock.co
• Stablecoin Account FAQs — samsung.com