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XLM Samsung Wallet will support stablecoins to create a new ecosystem of digital assets
At the Galaxy Unpacked conference held in London on July 22, Samsung announced that its Samsung Wallet app will natively support stablecoins. The app currently integrates functions such as payment cards, ID and hotel keys. Samsung did not announce the specific launch date, issuer and the blockchain on which the tokens run.
Samsung product manager Lee Dinham said at the press conference: "Samsung Wallet will transcend cash and savings and embrace new forms of digital value, including stablecoins." He added that the move would make Samsung one of the first mainstream smartphone brands to offer native stablecoins, enabling rapid and credible digital value transfer.
A stablecoin is a token designed to maintain a stable value, usually anchored 1:1 to the U.S. dollar, backed by cash or short-term government debt. Samsung showed the USDC issued by Circle (the second largest stablecoin by market value) in the wallet simulation chart shown, but did not confirm Circle as a partner.
Samsung has not yet clarified whether the feature will be in a managed mode (i.e., Samsung or a third party holds user funds) or in a non-managed mode (i.e., users control their own private keys to unlock funds).
This is not a new area for Samsung. As early as 2019, Samsung built a built-in cryptocurrency storage function in Galaxy phones through Knox (hardware isolation security zone, which can only be unlocked by PIN code or fingerprint), and subsequently added Bitcoin, Ethereum, wavefield and Stellar support. In 2021, Samsung will allow Galaxy users to connect hardware wallets such as the Ledger Nano S directly to the secure area.
In October last year, Samsung expanded its cooperation with Coinbase to allow 75 million U.S. Galaxy users to purchase cryptocurrency directly in Samsung Wallet. "Samsung Wallet is a trusted tool for millions of Galaxy users," Drew Blackard, senior vice president of product management for Samsung Mobile, said at the time.
stablecoins are planned to be unveiled simultaneously with Galaxy Card. This is Samsung's first credit card launched in the United States. It is issued by Barclays Bank and runs on the Visa network. It can receive a 5% cash refund on Samsung purchases and a 3% refund on Samsung Wallet transactions. Visa's Kirk Stewart said the card reflects "consumers 'expectation that payments will be embedded in the digital experience of daily use." Samsung summarized the overall layout as a "secure payment and reward experience."
