Block’s Cash App has initiated the rollout of its stablecoin payment feature, now available to 25% of its nearly 60 million users, according to a source familiar with the matter. The full implementation is expected to reach all users by the end of the week.
The launch signifies a notable shift in Block’s approach to digital currency, particularly under the leadership of CEO Jack Dorsey, who has historically championed Bitcoin. This integration of stablecoins reflects a broader acceptance of alternative blockchain technologies.
The source indicated that the decision to incorporate stablecoins marks a change in Dorsey’s perspective, as he previously focused solely on Bitcoin. In a statement made in March, Dorsey acknowledged the demand for stablecoins, stating, “I don’t like that we’re going to support stablecoins but our customers want to use them.” He expressed concerns about moving from one gatekeeper to another.
The stablecoin payment method was first announced on the Cash App website late last year, with a planned launch in 2026. As of this week, the total market value of stablecoins has reached $322 billion, surpassing the foreign exchange reserves of 95 countries, including developed economies like the United Kingdom and Canada.
According to the Cash App’s official documentation, users can deposit Circle’s USDC stablecoins from external accounts to fund their Cash App balance or withdraw funds as stablecoins. This feature utilizes blockchain technology solely as a transaction medium, treating stablecoins as a payment method rather than an investment vehicle.
The feature supports USDC across four blockchain networks: Solana, Ethereum, Polygon, and Arbitrum. Users should be aware that blockchain transactions are irreversible; funds sent to incorrect addresses or unsupported networks will be permanently lost.
Currently, the feature is not available in New York and on sponsored accounts. Identity-verified users face certain limitations, including a $2,000 daily sending cap and a $10,000 weekly receiving limit.
In related news, the U.S. market infrastructure provider DTCC has announced plans to connect its tokenized securities platform to Stellar by 2027, furthering its multi-chain strategy for blockchain-based securities settlement.
- DTCC aims to connect tokenized stocks, ETFs, and Treasuries to Stellar in the first half of 2027.
- This move expands DTCC’s multi-chain strategy for blockchain-based securities settlement.
- Wall Street firms and exchanges are accelerating their plans for tokenized stocks and Treasuries.
Block's Cash App has started rolling out a stablecoin payment feature, now accessible to 25% of users, with full availability expected soon. This move reflects a shift in CEO Jack Dorsey's stance on digital currencies, integrating stablecoins as a payment method while maintaining a focus on Bitcoin.
Source: CoinDesk