Samsung Wallet Stablecoin Account FAQs

What is the Samsung Wallet Stablecoin Account?

It’s a feature in Samsung Wallet that lets you hold USDC, send and receive USDC, send international remittances, and earn optional rewards. Your account holds USDC, a digital asset. U.S. dollars added from a bank account or card are converted to USDC; withdrawals to your bank account or debit card are converted back to U.S. dollars.

What is USDC?

USDC is a stablecoin, a type of digital asset designed to track the value of the U.S. dollar. USDC is issued by Circle, which manages the reserves backing it.

Is the Stablecoin Account a bank account?

No. The Stablecoin Account holds digital assets, not bank deposits, and Samsung is not a bank. USDC is not legal tender or backed by any government. Your USDC balance and rewards are not covered by FDIC, NCUA, or SIPC protections. 

Who provides the technology behind the Stablecoin Account?

Samsung provides the Samsung Wallet app experience. Bastion, a licensed money transmitter, provides the custodial wallet, digital asset transfers, and international remittances. Your USDC is held in Coinbase’s institutional custody through an arrangement managed by Bastion.

Purchases of USDC using a bank account or card are processed by Stripe, its affiliates, and its ramp partners, including Bridge. Withdrawals to your bank account or debit card are processed by Coinflow and its financial services providers. U.S. dollar conversions are handled by regulated financial institutions working with these partners.

Who can use a Stablecoin account?

You must be at least 18 years old and live in a U.S. jurisdiction where the feature is available. You can have only one Stablecoin Account, in your own name. The Stablecoin Account is currently unavailable to New York residents.

You’ll need an eligible Samsung device that supports Samsung Wallet, runs Android OS 13 or later, and has built-in fingerprint authentication enabled.

How do I open an account, and what information will I need?

Open Stablecoin Account in Samsung Wallet and follow the sign-up instructions. You’ll need to accept the terms presented during sign-up. Each provider’s terms cover its part of the service.

You’ll need to provide your name, address, date of birth, taxpayer identification number, and other identifying details. We may also ask for a government-issued ID and a selfie for verification, along with information such as your occupation and source of funds.

Why do I need fingerprint authentication?

Fingerprint verification is required every time you access your Stablecoin Account or approve a transaction. A PIN or face unlock alone can’t be used in place of your fingerprint for this feature. Your fingerprint is stored securely on your device and is never sent to Samsung.

Why is my application taking a while, or why was it declined?

We may need more time or information to verify your identity or confirm that you meet the eligibility requirements. An application may be declined if we can’t complete verification, the service isn’t available where you live, or there are security or compliance concerns. Check that your information is accurate and respond to any requests for additional details.

How do I add funds to my Stablecoin Account?

Open your Stablecoin Account, tap Top up, and follow the instructions to use a bank account or debit or credit card in your own name. You can also add funds through Coinbase or receive USDC from an external crypto wallet on a supported network. 

Can I add funds or send USDC using Coinbase?

Yes. If you have a Coinbase account, you can use your Coinbase balance or an available payment method saved there to add funds. You can also send USDC from your Stablecoin Account to your Coinbase account. Selecting Coinbase opens a Coinbase landing page to complete the transaction. Coinbase’s terms and fees apply to transactions completed there; contact Coinbase for help with those transactions.

How do I withdraw to my bank account or debit card?

Open your Stablecoin Account, tap Send, and choose the option to withdraw to a bank account or debit card in your own name. Enter the amount, review the transaction details, and confirm with your fingerprint. Your USDC will be converted to U.S. dollars for the withdrawal.

How do I send or receive USDC using an external crypto wallet?

To receive USDC, tap Receive, choose a supported network, and use the wallet address shown. To send USDC, tap Send, choose the crypto wallet transfer option, and enter the recipient’s wallet address.

Always check that both wallets support USDC on the same network, and use the receiving address for that network. Sending an unsupported asset or using the wrong network can result in permanent loss.

Please note that the availability of specific network support and functionalities (such as deposit and withdrawal) may vary or change over time. Always refer to the in-app features or in-app notice for the most current details.

Can I send USDC to another Samsung Wallet user?

Yes. Tap Send, choose the option to send to another Samsung Wallet user, and enter the recipient’s Samsung Account email address. The recipient needs their own Stablecoin Account to receive USDC this way. No bank details or wallet addresses are needed.

How do I send money to a bank account overseas?

Tap Send and choose the international money transfer option. Select an available recipient country and provide the recipient’s name and bank details as requested. The recipient receives funds in local currency in their bank account and doesn’t need a Samsung Wallet Stablecoin Account.

Fees and delivery times vary by recipient country. Before you confirm, you’ll see the applicable transaction fees and the amount your recipient will receive in their local currency. Review these details before sending.

Full list of available countries is shown in the app when you initiate an international money transfer.

What fees and processing times apply?

There’s no fee to open a Stablecoin Account.

Fees and processing times for adding, withdrawing, or sending funds vary by method and destination. Review the displayed transaction fees before you confirm in Samsung Wallet or the provider’s webpage. Check the transaction flow for any timing information provided. Your bank, card issuer, or external wallet provider may charge separate fees. An account maintenance fee may apply to accounts that have been dormant for over a year.

What transaction limits apply?

Limits may apply to adding, withdrawing, and sending funds, and can vary by method, destination, and account status. Limits may change over time.

Can I cancel or reverse a transfer once I’ve sent it?

No. Once you submit an instruction to send funds, it can’t be canceled or reversed. This applies to both blockchain transfers and completed bank transfers. Please double-check all details (recipient account or wallet address, network, and amount) before confirming.

What if I use the wrong bank account, wallet address, or network?

Funds sent to the wrong account, wallet address, or network may be permanently lost. Recovery or reimbursement may not be possible. Check the recipient’s details, asset, network, and amount carefully before confirming.

Why is my transfer pending or missing?

Processing depends on the payment method, bank, and blockchain network conditions. Incoming USDC transfers must be confirmed on the network before they appear in your balance. Check the transaction status in the app. If it’s taking longer than expected, contact support with the date, amount, and transaction reference, if available. Contact Coinbase for transactions completed on its webpage.

The transaction failed, but the amount refunded to my account is less than what was originally deducted. Why is that?

In some cases the refunded amount will be deposited after deducting the partner's transaction processing fees.

How do rewards work?

Rewards are optional. If the program is available to you, opt in from the Rewards section of your Stablecoin Account. Rewards accrue daily on your USDC balance and are credited monthly.

The current annualized rewards rate is shown in Samsung Wallet and can change over time. You can currently earn up to 1,500 USDC in rewards per calendar year. See the Rewards Program Terms presented when you opt in for full details.

Can I opt out of rewards?

Yes. You can opt out at any time through your Stablecoin Account settings. Opting out stops rewards from accruing from that day onward, but does not forfeit rewards already accrued. Those rewards will be credited as described in the Rewards Program Terms.

Do I have to pay taxes on rewards I receive?

Rewards may be taxable income. You are responsible for any applicable tax reporting and payment. Consider consulting with a tax professional about your situation.

What if I’m the victim of fraud or a scam?

Contact us immediately through Contact us in Samsung Wallet settings if you suspect fraud or unauthorized use. Transfers are generally irreversible, and reporting a scam does not guarantee recovery or reimbursement.

Be cautious of anyone unexpectedly asking you to move funds to keep them safe. Never share your password or sign-in codes, or grant access to your device in response to an unsolicited request.

Can my account or balance be frozen?

Yes. Samsung or Bastion may restrict access to your account to comply with legal requirements or address suspected fraud, security incidents, or compliance concerns, sometimes without advance notice. Bastion may also restrict funds in its custody under applicable law and its terms. Contact support if you need help understanding a restriction.

How is my personal information used and shared?

We use and share information to provide the service, verify your identity, and help prevent fraud, among other purposes described in our privacy notices. For details about the information we collect, how it is used and shared, and your privacy choices, see the Samsung Wallet U.S. Privacy Notice and Samsung Privacy Policy. Our partners’ handling of your information is covered by their own privacy policies.

What if I get a new phone or lose access to my account?

Your balance is tied to your account, not a specific device. On a new eligible phone, sign in with the same Samsung Account, set up fingerprint authentication, and complete any required re-verification

What happens if I don’t use my account for a while?

After an extended period of inactivity, applicable unclaimed-property laws may require us to turn over your remaining balance to the state. If that happens, you’ll need to reclaim it through the relevant state agency’s official process. Keep your contact information up to date so we can reach you.

How do I close my account?

Open your Stablecoin Account menu, select Close account, and follow the instructions. There’s no fee to close the account, but fees may apply when withdrawing funds. Before closing, withdraw your full balance and resolve any pending transactions. Any rewards accrued but not yet credited when the account closes will be lost.

How do I get help or make a complaint?

Go to Contact us in Samsung Wallet settings. Include relevant details such as the date, amount, transaction type, and reference number, if available. Please refer to Customer Service > Error Resolution Rights for international remittance issues.