Key Takeaways
- Samsung will integrate native stablecoins into its Wallet app to create a comprehensive financial hub.
- This establishes Samsung as a pioneer mobile brand enabling fast and trusted digital value transfers.
- Samsung also launched its first credit card to unify payments, cash rewards, and digital assets.
Samsung Announces Stablecoin Support in Samsung Wallet
Stablecoins are becoming one of the most relevant use cases for cryptocurrency, and now even trillion-dollar firms, like Samsung, are jumping on the bandwagon.
Samsung, the Korean tech company, has announced it will bring stablecoins to its Wallet app as part of its evolution into a comprehensive financial hub.
On Wednesday, at its Galaxy Unpacked event, the company revealed that Samsung Wallet was changing to become the app that “brings everything you need to carry together, making your Galaxy your everyday wallet.”
“Looking ahead, Samsung Wallet will expand beyond cash and savings. It will embrace new forms of digital value, including stablecoins,” said Lee Dinham, Product Manager at Samsung.
The presentation showed a mockup of the wallet application holding Circle’s USDC. Nonetheless, the company did not mention either USDC or USDT, the two largest stablecoins by market capitalization, as partners in this initiative.
Dinham commented on this milestone, stressing that it will make Samsung “one of the first major mobile brands to bring native stablecoins to a smartphone, enabling fast and trusted digital value transfers.”
At the same event, Dinham presented the Samsung Galaxy Card, Samsung’s first credit card, which enables users to receive 5% cash rewards on eligible purchases made on brand stores and other benefits.
“With this, Samsung Wallet becomes the foundation of a connected financial ecosystem across Galaxy devices and services, bringing payments, rewards, and digital assets together in one unified experience,” he concluded.
Samsung has always been a crypto-friendly company, introducing an embedded cryptocurrency wallet in its 2019 flagship phone series, the Galaxy S10, with hardware-backed security. In October, Samsung announced the integration of Coinbase One, Coinbase’s subscription service, for Samsung Wallet in the U.S., aiming to provide an easier path to crypto for millions of consumers.
