Samsung says Samsung Wallet will add USDC, a stablecoin pegged to the US dollar, for eligible US Galaxy users in the last week of October. That covers up to about 82 million phones. You'll need to verify your ID, and Samsung's partners hold the coins for you, so you won't hold the keys yourself.

What's coming

Samsung announced the plan on 7 October. Users will be able to send USDC to other crypto wallets, or to bank accounts in more than 60 countries. Samsung says online and tap-to-pay spending comes later. It isn't live yet.

Who qualifies

US residents aged 18 or over, on a compatible Galaxy phone running Android 13 or later, who complete identity verification.

Who holds your money

Bastion runs the stablecoin accounts and payments. Coinbase holds the coins as sub-custodian. The transfers run on the Solana and Sui blockchains. This is a custodial setup: it's closer to a bank app than to a crypto wallet where only you have the keys. That's easier for most people. It also means you depend on those companies, and on the reserves behind USDC.

What to check before you use it

  • A stablecoin is only as good as the reserves behind it and the company holding it. Read what a stablecoin really is first.
  • Sending to the wrong address or the wrong blockchain can lose the money for good. Send a small test amount first.
  • Samsung says sending to outside wallets is free, but the receiving platform may still charge a fee.
  • Scammers will copy any big launch. Samsung won't call or text you asking you to "activate" USDC.

Sources: Cointelegraph, Decrypt, SamMobile.