Samsung Wallet to Set USDC as Default Stablecoin for U.S. Users

Coinbase said on October 8 that from the last week of October 2026, USDC will automatically become the default stablecoin for U.S. users topping up their stablecoin balance in Samsung Wallet. Samsung Wallet comes preinstalled on Galaxy devices. When the feature launches, about 82 million compatible devices are expected to be in use in the United States. Samsung first said in July that its wallet would support stablecoins, but gave no issuer or timeline. The initial partner and default stablecoin were revealed three months later. The potential balance volume and how revenue would be shared remain undisclosed. The first uses for USDC in Samsung Wallet are transfers to compatible external crypto wallets and remittances to overseas bank accounts, with recipients receiving funds in local currency. U.S. stablecoin infrastructure provider Bastion supplies the underlying services, and Coinbase Prime custodies the USDC. Bastion developer documentation says its withdrawal service supports bank accounts in more than 60 countries. Account holders must be U.S. residents, and customers in New York State cannot currently withdraw to bank accounts. These are limits of the Bastion product. Samsung Wallet has not fully disclosed its scope, fees, or settlement times. In August, Samsung said in a written response that it would begin rolling out stablecoin accounts, cross-border remittances, and payment features this year, starting in select countries. USDC circulation has fallen while trading volume has risen. Coinbase disclosed that USDC circulating supply grew 72% in 2025 to more than $75 billion. In the second quarter of 2026, the circulating supply of USDC fell from about $77 billion at the end of the first quarter to $73.3 billion, a decline of about 4.8%. USDC adjusted trading volume in June was about $1.21 trillion, roughly 67% of total adjusted stablecoin trading volume. Circulation is down; on-chain activity is not. For USDC, a new question is whether it can move beyond exchanges and DeFi into more everyday financial transactions. Samsung Wallet offers a test: users can initiate stablecoin transfers directly from a mobile wallet without first setting up a separate crypto wallet. Distribution costs approach 60%. Stablecoins do not pay interest to holders. About 95% of revenue at Circle, the issuer of USDC, comes from yield on reserve assets. In the second quarter, total revenue and reserve income at Circle amounted to $701 million, while distribution, transaction, and other costs totaled $412 million, or 59%. For full-year 2025, that cost is expected to be about $1.4 billion, or roughly 51%. Not all of it goes to channel partners, but distribution payments are the largest part. Coinbase is the largest distribution partner for Circle. On August 18, the two renewed their agreement for three years through 2029, with terms unchanged. Coinbase Prime custodies the USDC in Samsung Wallet. The Coinbase announcement did not specify whether this balance is subject to the existing distribution arrangements between the parties, or whether Samsung receives a share. Samsung brings a new mobile distribution channel. Coinbase gains custody and partnership opportunities. Circle can expand USDC use into more cross-border transfer scenarios. But 82 million compatible devices do not equal 82 million stablecoin users. The commercial value of this entry point will depend on how many people actually open accounts, make transfers, and keep balances after launch. If Samsung Wallet drives sustained USDC balance growth, the discussion will move beyond user acquisition to how the commercial value from those balances should be shared. The undisclosed terms of the partnership will then become critical. This article is for reference only and does not constitute investment advice. Markets carry risk; invest with caution.