Samsung to launch USDC transfers on Solana for US Galaxy users

Samsung will soon allow eligible Galaxy users in the U.S. to transfer USDC stablecoins across borders, as the South Korean tech giant continues to expand its crypto-related services.In a statement released Thursday, Samsung said that Samsung Wallet and Samsung Pay will support USDC transfers on Solana for cross-border remittances, starting in the last week of October across 82 million U.S. Galaxy devices.Specifically, the feature will be built into Samsung Wallet, with fiat on- and off-ramps, rather than a separate crypto app. Users will be able to send USDC to compatible external wallets, with Solana's and Sui's infrastructure operating behind the scenes. The underlying framework also operates in partnership with Bastion, a licensed stablecoin custodian in the U.S."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 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."Samsung said it will not charge a fee on the transfers, though recipient wallets or exchanges may, and speed depends on network conditions.The wallet will also support transfers to eligible bank accounts in more than 60 countries, with funds delivered in the recipient's local currency, according to the statement. Fees on this path could vary by destination.Expanded collaborationThe upcoming feature marks the "next chapter" of Samsung and Coinbase's collaboration, the phonemaker said. Last year, Samsung expanded its partnership with Coinbase to let U.S. Galaxy users fund their Coinbase accounts with Samsung Pay.Alec Lovett, Coinbase's head of infrastructure products, wrote Wednesday in a blog post that Coinbase will custody the USDC held in Samsung Wallet through Coinbase Prime."Samsung's global reach makes this a significant distribution milestone for USDC," said Lovett.Lily Liu, president of Solana Foundation, also said Samsung's new feature "puts digital dollars into everyday life.""This level of adoption is what we built Solana for, and we're seeing the moment when stablecoins stop being a crypto product and start being how people move money," said Liu.Samsung said it plans to expand the service to additional markets, subject to local regulatory requirements.