Samsung Wallet is adding USDC, so users won’t have to manage private keys themselves. But it’s still important to understand how custody of the funds is divided.
Announcements from Samsung and Coinbase this month scheduled the feature’s rollout for the final week of October for eligible Galaxy users in the United States. The announcements describe the roles as follows: Samsung Wallet provides the interface for using the service; Bastion provides stablecoin accounts, custody, and fund transfers; and Coinbase provides Bastion with secondary custody of USDC through Prime Vault. The interface on the phone and the institutions that actually hold the funds are separate entities.
When users send funds to a compatible crypto wallet, the recipient receives USDC. When they send funds to an eligible bank account, the recipient may receive local currency. The latter option doesn’t require recipients to have a crypto wallet, but bank transfers incur fees. Check eligibility, fees, and arrival times in the app.
The rollout window stated in the announcements is underway, but that doesn’t mean the feature is available to all users. More useful checks for users include confirming their region, account eligibility, receiving network, and custody terms. Stablecoins still carry issuer, custody, and transfer risks.
Binance Wallet referral code: MOLLY666
Announcements from Samsung and Coinbase this month scheduled the feature’s rollout for the final week of October for eligible Galaxy users in the United States. The announcements describe the roles as follows: Samsung Wallet provides the interface for using the service; Bastion provides stablecoin accounts, custody, and fund transfers; and Coinbase provides Bastion with secondary custody of USDC through Prime Vault. The interface on the phone and the institutions that actually hold the funds are separate entities.
When users send funds to a compatible crypto wallet, the recipient receives USDC. When they send funds to an eligible bank account, the recipient may receive local currency. The latter option doesn’t require recipients to have a crypto wallet, but bank transfers incur fees. Check eligibility, fees, and arrival times in the app.
The rollout window stated in the announcements is underway, but that doesn’t mean the feature is available to all users. More useful checks for users include confirming their region, account eligibility, receiving network, and custody terms. Stablecoins still carry issuer, custody, and transfer risks.
Binance Wallet referral code: MOLLY666
