Samsung Electronics Co. Ltd. (OTC:SSNLF) will launch stablecoin wallet functionality in the last week of October for its Galaxy users in the U.S., the company said on Wednesday.
Coinbase-Powered Support
The initial rollout will support USDC (CRYPTO: USDC), the second-largest stablecoin by market capitalization. Eligible users will be able to send USDC from Samsung Wallet to compatible international cryptocurrency wallets without transfer fees.
Samsung Wallet will also support transfers to qualifying bank accounts in more than 60 countries, with recipients receiving funds in their local currency.
Coinbase Global Inc. (NASDAQ:COIN) will custody the USDC held in Samsung Wallet through Coinbase Prime Vault.
Samsung and Coinbase Deepen Relationship
The launch builds on Samsung and Coinbase’s ongoing collaboration, which includes Samsung Pay as a payment option in the Coinbase app and access to Coinbase One benefits for eligible users via Samsung Wallet.
Samsung Blockchain Wallet already supports cryptocurrencies including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Tron (CRYPTO: TRX), while allowing users to connect Ledger hardware wallets through Samsung Knox security infrastructure
The stablecoin announcement comes as Samsung raised its third-quarter guidance, attributing the stronger outlook to AI-driven demand for memory chips. The company will release detailed third-quarter results, with division breakdowns, on Oct. 29.
Price Action: Coinbase shares are down 0.67% pre-market after closing 3.92% lower at $178.45 during Wednesday’s regular trading session, according to Benzinga Pro.
Benzinga’s Edge Stock Rankings note a stronger short- and medium-term price trend, but weaker long-term performance.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
Login to comment