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Coinbase and Samsung Team to Bring Stablecoins to Digital Wallets

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Coinbase and Samsung Team to Bring Stablecoins to Digital Wallets

Coinbase is expanding its partnership with Samsung to power the stablecoin experience in the electronics company’s digital wallet.

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The new offering, announced Thursday (Oct. 8), extends a collaboration that began last July, and is set to roll out in the U.S. during the last week of October as Coinbase tries to expand the footprint of its USDC stablecoin.

“Samsung’s global reach makes this a significant distribution milestone for USDC,” Alec Lovett, head of infrastructure products at Coinbase, wrote on the company blog.

“By combining Coinbase’s trusted custody infrastructure with Samsung Wallet’s broad consumer adoption in the global market, we can help accelerate the ongoing expansion of USDC and stablecoins in the global economy.”

The blog post notes that there is “clear momentum behind USDC,” with circulation increasing 72% last year to top $75 billion, while wallets holding USDC rose 59% to almost nearly 7 million.

According to CoinDesk, Samsung Wallet users who top up their stablecoin balance will see USDC appear automatically as the default dollar stablecoin. Coinbase will custody these assets through its Coinbase Prime institutional platform. This underlying framework operates in collaboration with Bastion, a licensed stablecoin custodian and infrastructure provider.

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Coinbase CEO Brian Armstong said last month that the company sees stablecoin payments as a key revenue driver for the cryptocurrency exchange.


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