Samsung teams with Stripe to bring USDC to 82M phones

Eligible US Samsung Wallet users can now buy USDC with Samsung Pay, credit and debit cards, or ACH bank payments through Stripe, the payments company said Nov. 5. The service lets Galaxy owners convert dollars into stablecoins within the wallet app.

Samsung announced the feature on Oct. 7 with a rollout planned for late October, and Stripe’s disclosure confirms the live purchase methods. Its cited reach of 82 million US Galaxy devices measures compatible hardware.

To add money, users open the Stablecoin Account and tap Top up, according to Samsung’s support FAQ. Bank accounts and cards must be in the user’s own name, and dollars added through those methods become USDC.

Users can also fund through Coinbase or receive USDC from an external wallet on a supported network. The Coinbase route opens a Coinbase webpage, where its terms and fees apply to transactions using an existing balance or an available saved payment method.

The account can hold, send, and receive USDC, while withdrawals to a bank account or debit card convert it back to dollars.

Users must be at least 18 and live in a US jurisdiction where the service is available. New York residents are excluded, and each person can hold only one account in their own name.

An eligible Samsung Wallet device must run Android 13 or later and have built-in fingerprint authentication enabled. Fingerprints are required both to access the account and approve transactions.

Account opening requires identifying details including a name, address, birth date, and taxpayer identification number. Applicants may also be asked for government ID, a selfie, occupation or source-of-funds information. Stripe says its purchase flow handles identity verification, compliance and fraud prevention.

Transaction costs on Samsung Pay vary

Funding, withdrawal and sending charges and processing times vary by method and destination, with transaction fees displayed before confirmation in Wallet or the provider’s webpage. Banks, card issuers and external wallet providers may impose separate charges.

The October announcement said it does not charge for USDC transfers to external wallets, although recipient providers may charge.

Limits can vary by method, destination, and account status and can change over time. A maintenance fee may apply after more than a year of dormancy.

Samsung says Bastion provides the custodial wallet, with USDC held in Coinbase’s institutional custody through Bastion’s arrangement.

For users moving USDC to another wallet, network compatibility is a final constraint. Samsung warns that sending an unsupported asset or using the wrong network can cause permanent loss of funds.