Samsung Wallet to Add USDC on Sui in Late October
Samsung Wallet plans to support USDC on the Sui blockchain starting in late October. Custody of user balances will be handled by Bastion and Coinbase, and outbound transfers to bank accounts in over 60 countries will incur separate fees.
Why It Matters
Adding a major stablecoin on a consumer wallet expands on‑ramps between traditional banking and blockchain assets, while the involvement of institutional custodians signals reliance on regulated custody services. Fees for bank transfers could affect user uptake and cross‑border viability for the feature.
Key Facts
- Product launch window: Late October
- Stablecoin added: USDC on Sui
- Custodians: Bastion and Coinbase
- Bank transfer coverage: More than 60 countries
- Fees: Separate fees apply for transfers to bank accounts
Samsung Wallet is slated to add support for USDC on the Sui blockchain in late October, according to the report. The upgrade will enable users of the consumer wallet to hold a Sui‑based version of the USD‑pegged stablecoin. Custody of the USDC balances in Samsung Wallet will be provided by Bastion and Coinbase, the companies named in the source. This indicates Samsung Wallet will rely on third‑party institutional custodians rather than holding custody solely in‑house. The rollout will also permit users to transfer funds to bank accounts, but such transfers will carry separate fees. The bank‑transfer capability is reported to cover more than 60 countries, though the source notes the fees are distinct from any other charges related to the wallet or on‑chain activity. The announcement positions Samsung Wallet to bridge on‑chain stablecoins and traditional banking channels, with custody and payment rails handled by established providers. Details such as exact fee schedules and supported country lists were not included in the excerpt provided.
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Original source: The Defiant