Solana Price $115.23: Samsung Puts USDC on Galaxy

Samsung is building stablecoin transfers into the pre-installed wallet on its Galaxy phones and settling them over the Solana network. The launch is set for the last week of October, it covers 82 million devices, and every one of them sits in the United States. SOL traded at $115.23 on Thursday morning, 3.0 percent below the previous day. If you use a Galaxy device in Germany, you will not get the feature for now. Exactly there the news parts company with its headline.

Samsung Wallet and USDC on Solana: What Was Announced on October 8

The Solana Foundation and Samsung Electronics said on October 8 that Samsung Wallet and Samsung Pay will support stablecoin payments. What gets settled are cross-border money transfers, the stablecoin used is USDC, and settlement runs over Solana in the background. Users are supposed to need neither an exchange account nor a separate wallet app, because the on-ramps and off-ramps into the local currency are built in. The statement sits in the Solana Foundation newsroom.

A stablecoin is a token whose value is pegged to a currency and which is meant to be covered by reserves held against it. USDC is issued by the company Circle and tied to the US dollar. For the user, that means sending a dollar value rather than a fluctuating coin, with the blockchain serving only as the transport layer.