Samsung Wallet reportedly opens USDC on about 82 million U.S. phones

Samsung Wallet reportedly opened stablecoin accounts on Thursday for eligible U.S. Galaxy users. The report says the accounts let people buy, hold, send, and receive Circle's USDC on Solana without a separate crypto app or private keys. It reaches about 82 million compatible Galaxy devices in the U.S., according to the announcement the report cites. Samsung first announced the feature on October 7.

Credit-card top-ups carry a 4% fee, and the service is not available in New York. The report says a credit-card top-up, including through Samsung Pay, costs 4%. A withdrawal to a bank account or debit card also carries a fee. The report does not give that amount. New users who first add $50 or more can receive $25 in USDC. The service needs Android 13 or later. It is open to U.S. residents 18 and older, except people in New York.

The account is a crypto wallet, not a bank account. The report says Samsung's disclosures make that distinction. The product is built with Bastion, described as a licensed stablecoin custodian, and Coinbase, which holds the USDC as Bastion's sub-custodian through Coinbase Prime Vault.

Transfers inside the service have no Samsung fee. Users can send USDC to other Samsung Wallet users in the U.S. and to compatible outside wallets with no Samsung transfer fee. Other providers may still charge. The report says users can also send to qualifying bank accounts in more than 60 countries, where recipients may get local currency. Those fees vary by destination.

Samsung is quoted on why it built this. Woncheol Chai, who leads the digital wallet team in Samsung's mobile business, said stablecoins could make moving money faster and easier, and that the company wants Galaxy users to do that without traditional crypto tools. He said Solana helps bring that to Samsung's scale. Samsung said it expects to explore online and in-store stablecoin payments, and to add markets, subject to local rules.