- USDC becomes the default stablecoin payment rail of Samsung Wallet as it adopts on-chain solutions through a major partnership with Solana.
Samsung Electronics America, the US sales, marketing, and customer service arm of the Samsung Group, announced on Wednesday its scheduled launch of stablecoin support for its digital wallet app. The functionality will be available for eligible Galaxy users in the US by the last week of October.
The new wallet feature will initially support Circle’s USDC token, a regulated stablecoin pegged 1:1 with the US dollar.
Samsung Wallet’s USDC Integration
Samsung Wallet is a pre-installed app built on Samsung Pay. It serves as the default digital wallet of Galaxy smartphones in the US.
The digital wallet comes with NFC (Near Field Communication) for contactless payments through the user’s phone or smartwatch at compatible checkout counters. It can also store keys, IDs, credit card details, membership cards, cashback, and other essentials within a unified setting.
The platform’s support for stablecoins, starting with USDC, aims to enhance its cross-border transaction capabilities. It will enable users to unlock near real-time, 24/7, low-cost international transfers straight from their Galaxy devices.
“Sending money abroad should feel as convenient as using the wallet already on your phone,” said Woncheol Chai, EVP and Head of the Digital Wallet Team at the Mobile eXperience (MX) Business at Samsung Electronics. “We’re bringing USDC transfers into Samsung Wallet so eligible Galaxy users can get started without installing another app or managing private keys themselves.”
Solana Partnership
The feature benefits from Samsung’s partnership with Solana (SOL). The integration adds to the rapidly growing use of the chain for real-world asset (RWA) tokenization by improving access to financial solutions for over 82 million Galaxy devices in the US alone.
To date, Solana accounts for more than a $19.59 billion share in total RWA value, driven mostly by stablecoins per RWA.xyz data. USDC contributes about $6.75 billion to the network’s stablecoin float, while Tether’s USDT accounts for $2.91 billion.
For Lily Liu, President of Solana Foundation, stablecoins have had massive potential over the years. However, they lacked access to mainstream adoption. Samsung’s link with Solana bridges that gap.
“For a decade, stablecoins have proved the technology works,” Liu remarked. “What they lacked was a way to reach the mainstream.”
“Samsung’s decision to work with Solana puts digital dollars into everyday life through one of the world’s most trusted technology brands,” she added. “This level of adoption is what we built Solana for, and we’re seeing the moment when stablecoins stop being a crypto.”
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