The Solana Blockchain Looks to Mainstream Payments With a Samsung Link – Digital Transactions
The Solana Foundation said Samsung Wallet and Samsung Pay will support stablecoins on Solana’s blockchain, enabling U.S. wallet users to send money cross border using Circle Internet’s USDC stablecoin starting the last week of this month. There are 82 million active Samsung Galaxy mobile devices in the U.S. market and available for the new service, according to Samsung. The devices run on Google’s Android operating system.
Solana’s blockchain, introduced in 2020, is known for fast processing speeds, with a capacity of thousands of transactions per second, making it potentially less expensive for users than older blockchains, according to observers. Fees are estimated at a small fraction of a penny per transaction.
With the new capability, users will send money from the same mobile platform they use for cards, boarding passes, and identification cards, according to Solana, which is positioning the service as a means by which blockchain payments can cement a position in mainstream payments, using a widely recognized mobile-technology brand.
“For a decade, stablecoins have proved the technology works, What they lacked was a way to reach the mainstream,” says Lily Liu, the Solana Foundation’s president, in a statement. “Samsung’s decision to work with Solana puts digital dollars into everyday life through one of the world’s most trusted technology brands. We’re seeing the moment when stablecoins stop being a crypto product and start being how people move money.”
Solana says it has processed more than $5.25 trillion in stablecoin volume so far this year. Major clients for the service include PayPal and Western Union. Solana Labs, the blockchain operator’s core-technology developer, is based in San Francisco. Its governance office is located in Zug, Switzerland,
