In brief
- Samsung Wallet and Samsung Pay will soon allow U.S. users to send stablecoins on the Solana blockchain, specifically USDC, starting in the last week of October, as stated by the Solana Foundation.
- This new feature will be accessible on 82 million U.S. Galaxy devices, featuring automatic conversion to and from local currency.
- While Samsung announced in July that its wallet would support stablecoins, details regarding the issuer, blockchain, or launch date were not provided at that time.
Beginning in the last week of October, Samsung Wallet will enable U.S. users to send Circle’s USDC stablecoin across borders utilizing the Solana blockchain, as confirmed by the Solana Foundation recently.
This functionality, which will also be integrated with Samsung Pay, is set to be available on 82 million Galaxy devices in the U.S. Alongside this, there will be built-in options for converting to and from fiat currency while Solana’s technology will work quietly in the background.
“Stablecoins could really speed up and simplify international money transfers, and we want our Galaxy users to benefit without needing to deal with complex traditional crypto tools,” noted Woncheol Chai, who leads Samsung Electronics’ digital wallet team.
Lily Liu, president of the Solana Foundation, remarked, “By collaborating with Solana, Samsung is bringing digital dollars into everyday practice through one of the most reputable tech brands globally.”
Samsung’s stablecoin plans
During the Galaxy Unpacked event in London held in July, Samsung revealed intentions to integrate stablecoin support into its wallet, even showcasing a mockup that featured USDC. However, specific details regarding the launch, issuer, or blockchain were not mentioned then.
The current announcement identifies Solana and USDC as part of the initiative, yet it leaves some questions unanswered, such as whether Circle is a partner, if users will manage their own keys, or what the transaction costs might be.
According to the Foundation, stablecoin usage on Solana has increased by nearly 20% year-over-year, with the network having managed over $5.25 trillion in stablecoin transactions this year. Major companies like PayPal and Western Union have started leveraging Solana for their stablecoin activities, with Visa also adopting USDC on Solana for processing payments.
Samsung initially introduced a blockchain wallet for its Galaxy phones back in 2019, subsequently adding cryptocurrency support on various models, including the Galaxy S20. The company integrated Coinbase into Samsung Wallet last October for 75 million U.S. users.
Solana Mobile, which represents the mobile branch of the Solana network, launched the Saga in 2023 and the Seeker the previous year, along with various promotions for its SKR token.
Regarding the project, Kyle Samani, co-founder of Multicoin Capital, shared his thoughts, stating that at first, he and many others found the initiatives surrounding phones to be somewhat foolish. Yet, he acknowledged that these early developments in the Solana Mobile Stack led to Samsung’s partnership.
In response, Solana co-founder Anatoly Yakovenko pointed out that most founder-led initiatives are often underestimated, adding that doing nothing can also be a poor choice, thus emphasizing the challenges faced by startups.
Following the U.S. launch, more markets may be added, depending on local regulatory frameworks, according to the Solana Foundation’s announcement.
