Solana stablecoin accounts go live for 82M Samsung devices

Solana stablecoin accounts go live for 82 million Samsung devices

Samsung Wallet switched on USDC accounts on Solana for eligible US Galaxy users on Thursday, Nov. 5, reaching about 82 million compatible devices.

The quick take

Price: $SOL $91.01, -6.1% in 24 hours (CoinGecko, as of 10:40 a.m. ET, Nov. 5)
Trigger: Samsung Wallet switched on USDC accounts on Solana for eligible US Galaxy users on Thursday.
Watch: Whether Samsung sets a date for in-store and online stablecoin payments or new countries.

What happened

Solana stablecoin accounts went live in Samsung Wallet on Thursday, Nov. 5. Eligible Galaxy owners in the US can now keep USDC on Solana ($SOL) inside the wallet app and buy, send or receive it there. Samsung first announced the plan on Oct. 7; the news today is that it is switched on.

About 82 million compatible Galaxy devices in the US can use it, The Block and Decrypt report. That counts devices, not users. No separate crypto app or private keys are needed.

Bastion, a licensed stablecoin custodian, runs the accounts. Coinbase holds the USDC as its sub-custodian through Coinbase Prime Vault, all three outlets report.

Users must be 18 or older, live in the US outside New York and run Android 13 or later. Samsung charges no fee to send USDC to other Samsung Wallet users or outside crypto wallets. Payouts reach bank accounts in more than 60 countries, with fees that vary by destination.

Decrypt adds that card top-ups, Samsung Pay included, cost 4%, and that bank or debit card withdrawals carry a fee.

“This level of adoption is what we built Solana for,” Solana Foundation President Lily Liu said, as quoted by SolanaFloor.

Why it moved

The launch arrived on a weak day for prices. $SOL fell 6.1% in 24 hours, per CoinGecko, while Bitcoin ($BTC) lost 5.1% and Ether ($ETH) 6.4%, per LiveCoinWatch. No single cause for the drop is confirmed.

What to watch next

Samsung said it will explore online and in-store stablecoin payments and other markets, subject to local rules. No date has been given. SolanaFloor, citing Artemis data, puts stablecoin supply on Solana at $15.9 billion, below its Oct. 5 record of $17.4 billion.

Bottom line: Samsung Wallet now gives US Galaxy owners a built-in way to hold and send USDC on Solana, with fees that depend on how money moves in and out.

Price data: CoinGecko (cross-checked with Jupiter). Market context: LiveCoinWatch.