Galaxy

Solana

USDC

United

Digital Wallet

Samsung Wallet and Samsung Pay will support <a href="https://www.thestreet.com/crypto/stablecoins" rel="noopener noreferrer nofollow">stablecoins</a> on Solana, the <a href="https://www.thestreet.com/crypto/tag/solana-foundation" rel="noopener noreferrer nofollow">Solana Foundation</a> announced on Oct. 7.&nbsp;
<a href="https://www.thestreet.com/crypto/tag/solana" rel="noopener noreferrer nofollow">Solana</a> is a high-speed blockchain network designed for fast and low-cost transactions.&nbsp;
Whereas Samsung Wallet is the digital wallet pre-installed on Samsung's Galaxy smartphones, where users already store credit cards, boarding passes and IDs.&nbsp;
Starting in the last week of October, Samsung Wallet users in the United States will be able to send money across borders using USDC directly from their Galaxy phones.
<a href="https://www.thestreet.com/crypto/tag/usdc" rel="noopener noreferrer nofollow">USDC</a> is a stablecoin, a cryptocurrency designed to hold a steady value that is the same as that of the <a href="https://www.thestreet.com/crypto/tag/u-s-dollars" rel="noopener noreferrer nofollow">U.S. dollar</a>, issued by <a href="https://www.thestreet.com/crypto/tag/circle" rel="noopener noreferrer nofollow">Circle</a>.
Solana Foundation President Lily Liu framed the partnership as a turning point for stablecoin adoption.&nbsp;
<blockquote>
 "Samsung's decision to work with Solana puts digital dollars into everyday life through one of the world's most trusted technology brands," Liu said. "This is the moment when stablecoins stop being a crypto product and start being how people move money."
</blockquote>
<a href="https://www.thestreet.com/crypto/markets/eric-trump-issues-blunt-warning-to-big-banks" rel="noopener noreferrer nofollow">Related: Eric Trump issues blunt warning to big banks</a>
<h2 id="why-samsung-chose-solana">Why Samsung chose Solana</h2>
The feature is built into Samsung Wallet rather than sitting alongside it as a separate app.&nbsp;
Users can send a remittance from the same interface they already use for everyday payments, with integrated on- and off-ramps converting between local currency and USDC automatically.&nbsp;
Solana's infrastructure runs behind the scenes, so the experience feels like a regular money transfer rather than a crypto transaction.
At launch, the feature will be available across 82 million U.S. Galaxy devices, with additional markets to follow subject to local regulatory requirements.
<blockquote>
 "Stablecoins have the potential to make moving money around the world faster and easier, and we want Galaxy users to be able to take advantage of that without having to navigate the complexity of traditional crypto tools," said Woncheol Chai, EVP and Head of the Digital Wallet Team at Samsung Electronics' Mobile eXperience division.&nbsp;
</blockquote>
<blockquote>
 "Solana helps us bring that experience to Samsung's scale."
</blockquote>
<figure>
 <figcaption>
 (L to R) Jacquelyn Melinek (StrataMedia), Wonseok Baek (Head of Group, North America, Samsung Wallet, Samsung) and Vibhu Norby (Chief Product Officer, Solana Foundation) at Token2049 event, Singapore.&nbsp;
 </figcaption>
</figure>
<h3 id="popular-on-thestreet-roundtable">Popular on TheStreet Roundtable:</h3>
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</ul>
<h2 id="solana-s-stablecoin-momentum-keeps-building">Solana's stablecoin momentum keeps building</h2>
The Samsung deal adds to a streak of major stablecoin integrations on Solana. Column, an FDIC-insured <a href="https://www.thestreet.com/crypto/markets/eric-trump-issues-blunt-warning-to-big-banks" rel="noopener noreferrer nofollow">U.S. bank</a>, recently launched stablecoin support with Solana as the default network. Visa uses Solana for USDC settlement.&nbsp;
Stablecoins currently on Solana are worth about $16.3 billion in total, according to <a href="https://defillama.com/stablecoins/solana" rel="noopener noreferrer nofollow">DefiLlama</a>, a platform that tracks <a href="https://www.thestreet.com/crypto/tag/blockchain" rel="noopener noreferrer nofollow">blockchain</a> data. <a href="https://www.thestreet.com/crypto/tag/usdc" rel="noopener noreferrer nofollow">USDC</a> is by far the biggest, at roughly $6.9 billion, or 42.5% of all stablecoins on the network.&nbsp;
That matters for the Samsung rollout because USDC is the token Galaxy users will be sending.&nbsp;
Major enterprises, like <a href="https://www.thestreet.com/crypto/tag/paypal" rel="noopener noreferrer nofollow">PayPal</a> and Western Union, are already using Solana for stablecoin activity. PayPal's own stablecoin, PYUSD, holds about <a href="https://defillama.com/stablecoins/solana" rel="noopener noreferrer nofollow">$704 million on the network</a>. Over the past week, the total grew by about $212 million, or 1.3%.
The announcement was made alongside Solana's presence at <a href="https://www.thestreet.com/crypto/tag/token2049" rel="noopener noreferrer nofollow">TOKEN2049</a> in Singapore, one of the crypto industry's largest annual conferences, where the Solana Foundation has been showcasing its institutional and payments infrastructure throughout the week.
<a href="https://www.thestreet.com/crypto/markets/dj-khaled-said-another-one-and-the-internet-brought-up-the-last-one" rel="noopener noreferrer nofollow">Related: DJ Khaled said 'Another one' and the internet brought up the last one</a>

Samsung taps Solana to bring stablecoins to 82 million devices

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