Cash App Launches Stablecoin Payments for 60 Million Users
Block kicks off Cash App’s phased stablecoin roll out to its nearly 60 million users
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Block's Cash App has initiated a phased rollout of USDC stablecoin payments to its nearly 60 million users, starting with 25% access and aiming for full availability by the end of the week. This shift reflects CEO Jack Dorsey's evolving stance on stablecoins amid growing customer demand.
- 01The stablecoin feature is currently available to 25% of Cash App users, with plans for full rollout by the end of the week.
- 02Jack Dorsey, traditionally a bitcoin advocate, acknowledges customer demand for stablecoins, marking a significant ideological shift.
- 03Cash App will support USDC on Solana, Ethereum, Polygon, and Arbitrum, with strict transaction limits.
- 04Users can deposit and withdraw USDC, but transactions are irreversible, posing risks for incorrect transfers.
- 05The stablecoin market has reached a value of $322 billion, surpassing the foreign exchange reserves of many countries.
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Block's Cash App has begun a phased rollout of USDC stablecoin payments to its nearly 60 million users, starting with 25% access and aiming for full availability by the end of the week. This rollout signifies a notable shift for CEO Jack Dorsey, who has historically promoted Bitcoin exclusively but now recognizes the demand for stablecoins among customers. The integration allows users to deposit Circle's USDC stablecoins from external accounts and withdraw them as stablecoins, using blockchain networks like Solana, Ethereum, Polygon, and Arbitrum. However, the feature is currently unavailable in New York and for sponsored accounts, with strict transaction limits of $2,000 daily and $10,000 weekly for sending and receiving funds. Dorsey expressed his reluctance to support stablecoins, stating, “I don’t like that we’re going to support stablecoins but our customers want to use them.” The stablecoin market has reached a record total value of $322 billion, surpassing the foreign exchange reserves of 95 countries.
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The introduction of stablecoin payments could enhance the transaction capabilities for Cash App users, allowing for faster and potentially cheaper transfers.
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