Fuse Wallet

Fuse is a personal finance app built on Solana by Squads Labs, the team behind Squads Protocol — the smart account standard that secures over $10 billion in on-chain assets for protocols including Jito, Jupiter, Tensor, and Drift. Launched publicly on iOS in June 2024, Fuse is Solana's first smart wallet: a self-custodial application that replaces traditional seed phrases with a programmable multi-key security model, then layers earning, spending, and trading features on top of that foundation.

Smart Accounts, Not Seed Phrases

Most Solana wallets rely on a single private key. Lose it, and the funds are gone. Share it accidentally, and the account is drained. Fuse takes a different approach by deploying a smart account for each user — an on-chain program built on Squads Protocol that requires approval from two of three designated keys before any transaction executes.

The first key is a Device Key, stored locally on the user's iPhone and protected by Face ID biometrics. The second is a 2FA Key, which defaults to iCloud but can be upgraded to a Ledger hardware wallet for users who want maximum security. Up to three Recovery Keys can also be registered, allowing wallet access to be restored if primary keys are lost without exposing the account to a single point of failure.

This architecture also enables spending limits — users can set per-token caps that allow low-value transactions without triggering 2FA, while larger transfers always require full multi-key approval. Gas abstraction means Fuse automatically manages the SOL balance needed for network fees, so users never face a stranded transaction because they forgot to hold enough SOL. Progressive security settings let users start simple and harden their configuration over time as their on-chain assets grow.

Squads Labs positions Fuse as "a programmable savings account" rather than a convenience wallet, drawing a deliberate contrast with wallets optimized for quick browser-extension transactions. The app is aimed at users who want to hold meaningful value on-chain without accepting the security compromises that come with a single seed phrase.

Earning, Swapping, and Staking

Fuse packages several yield and trading features directly into the app. Fuse Earn allows users to generate passive income on stablecoins; the platform has expanded this through a partnership with Lulo, adding Lulo Protect as an earn option alongside existing yield strategies. SOL staking is supported both directly and through liquid staking options, letting users participate in Solana network security while keeping their assets productive.

Token swaps inside Fuse route through Jupiter, Solana's leading aggregator, and carry zero platform fees. The app covers the full range of Solana SPL tokens, though it is explicitly Solana-native — the support documentation notes that sending non-Solana assets risks permanent loss of funds. This exclusivity is intentional: Fuse is built to go deep on the Solana ecosystem rather than spread thin across chains.

Fuse Card and Banking Rails

The most distinctive consumer feature is the Fuse Card, a virtual Visa prepaid card that lets users spend USDC anywhere Visa is accepted — including in-store via Apple Pay. There are no top-up or card transaction fees. The card enforces smart account-level daily spending limits of up to $2,000. USDC stays on Solana until the moment of purchase, at which point merchants receive local currency through the card network.

The Fuse Card is issued by Lead Bank, with Bridge serving as program manager. Access is currently invite-only for U.S. residents outside New York and Alaska, with plans to expand availability. Alongside the card, Fuse has introduced virtual U.S. bank accounts, bank transfers, and an off-ramp for converting crypto back to fiat — building a fuller set of banking-adjacent rails within the app.

Backing and Team

Squads Labs closed a $10 million Series A in June 2024, led by Electric Capital, bringing total funding to $22.5 million. The round included Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital, and Mert Mumtaz, co-founder and CEO of Helius. The equity-plus-token-warrants structure reflected investor confidence in both the institutional Squads Protocol business and the consumer Fuse wallet product.

CEO Stepan Simkin has described Fuse's target as users seeking "the ultimate savings account for your digital net worth" — people who want to accumulate and grow assets on Solana with the kind of security that institutional teams use, without needing technical expertise to set it up. The backing from major Solana ecosystem investors, alongside Squads Protocol's existing client roster, gives Fuse a credible infrastructure foundation that most consumer wallets lack.

Current Status

Fuse is available on the iOS App Store and under active development. Recent product updates have included the Fuse Card launch, Lulo Protect integration in Fuse Earn, virtual U.S. bank accounts, and an off-ramp for cash conversion. The app's core features — wallet creation, SOL staking, zero-fee swaps, and stablecoin yield — are available across 18+ countries, with payment and banking features currently rolling out in the United States.