Samsung sets October launch for USDC transfers in Wallet

Samsung Electronics America plans to add USDC transfers to Samsung Wallet for eligible U.S. Galaxy users in the last week of October, bringing cross-border stablecoin transfers to an app already installed on compatible phones. The company said in its Oct. 7 announcement that the feature will be available across 82 million U.S. Galaxy devices. USDC is a U.S. dollar-denominated stablecoin; Samsung’s service will let users send it to compatible crypto wallets or route money to qualifying bank accounts in more than 60 countries, where recipients can receive local currency.

How will a transfer move from the phone to a recipient?

The sender starts in Samsung Wallet, selects USDC and chooses a destination. For a crypto-wallet transfer, USDC moves to a compatible external wallet or exchange account on a blockchain network supported by the service. For a bank transfer, the recipient’s account receives local currency instead of USDC. That second route works like a currency exchange counter attached to the transfer: the sender begins with a dollar stablecoin, while the recipient gets a bank deposit in their local currency.

Samsung says transfers to external wallets will carry no Samsung fee, though a receiving wallet or exchange may charge one, and the time depends on network conditions. Bank-transfer fees vary by destination and amount; the app will show the fee and estimated delivery time before the sender confirms. Samsung’s announcement names Solana and Sui among partners providing blockchain-network support, but does not specify which network will process each transfer.

Who holds the USDC, and what does Samsung provide?

Samsung supplies the Wallet interface and device-level authentication, while partners provide the financial infrastructure. According to Samsung, Bastion will run the cross-border payment framework and Coinbase will act as its sub-custodian, safeguarding Wallet USDC through Coinbase Prime Vault. Samsung says it is not the custodian and does not hold customer funds.

The setup is designed to remove some steps that often come with using crypto: eligible customers will not need to install a separate crypto app or manage private keys themselves. But access still has requirements. Samsung’s terms say users must be U.S. residents aged 18 or older, have a Samsung Account and a compatible Galaxy device running Android 13 or higher, and complete identity verification and biometric setup. Transfers are subject to partner terms.

What changes at launch, and what remains to be seen?

The announced change is that users will be able to begin an international transfer from Samsung Wallet, with either a compatible crypto wallet or an eligible foreign bank account as the destination. The Block’s report on the rollout also described fiat on- and off-ramps, the services that convert between traditional currency and crypto. Samsung has not yet published the supported-country list; it says users will see eligible destinations in the app. The next details to watch are the October launch, the available destinations and the fees and delivery estimates shown for each bank transfer.

References

• Oct. 7 announcement — samsung-newsroom-production.barbariangroup.com
• report on the rollout — theblock.co