Jack Dorsey’s Cash App Now Supports USDC Stablecoin Transfers on Solana and Ethereum

TLDR

• Cash App now lets users send and receive USDC stablecoins on Solana, Ethereum, Polygon, and Arbitrum with no fees.
• The move is a major shift for Block, Inc., a company historically focused almost entirely on Bitcoin under CEO Jack Dorsey.
• Stablecoins received by Cash App users are auto-converted to dollars — no separate crypto wallet needed.
• The feature is not yet available in New York, and users must verify their identity to access it.
• Block shares rose nearly 3.5% on the announcement; the company holds over 9,000 Bitcoin on its balance sheet.

Cash App, the mobile payments app owned by Block, Inc., now supports USDC stablecoin transfers on four blockchain networks. It is one of the biggest crypto moves the platform has made since it added Bitcoin support years ago.

Block’s Bitcoin Product Lead Miles Suter confirmed the news on social media. Users can now send and receive Circle’s USDC on Solana, Ethereum, Polygon, and Arbitrum. There are no fees for these transfers.

Suter said everything runs from a user’s existing dollar balance. There is no need to manage a separate wallet or handle multiple chains.

How Cash App Handles Stablecoins

When a user receives USDC, Cash App automatically converts it into dollars. The balance shows up as a standard dollar amount, not as a separate crypto holding.

This is different from how some rivals handle it. PayPal’s Venmo, for example, shows its PYUSD stablecoin separately under a crypto tab.

The feature is not available in New York at this time. Users also need to verify their identity before using it, and transaction limits apply.

Dorsey’s Bitcoin-First Stance

Jack Dorsey is one of the most publicly known Bitcoin supporters in tech. Block has spent years building Bitcoin-focused products — including the Bitkey self-custody wallet, the Proto mining unit, and the Spiral open-source research arm.

Dorsey has been critical of stablecoins in the past, describing them as moving “from one gatekeeper to another.” He made that comment earlier this year.

But demand from users appears to have pushed the company to act. Suter said at the time of launch that stablecoins are a “complementary option,” and that Cash App will always be Bitcoin-first.

Suter put the company’s position plainly this week: Bitcoin is “Money 2.0,” fiat is “Money 1.0,” and stablecoins are the bridge between the two.

Block is not alone in moving into stablecoins. Visa, Mastercard, and other payment companies have been expanding into the space. The total stablecoin supply recently passed $300 billion.

Cash App says it has 59 million monthly active users.

In March, Block’s Square unit also enabled Bitcoin payments by default for U.S. sellers, moving away from an opt-in model. That allowed merchants to automatically convert card sales into Bitcoin.

Block shares were trading around $71.55 on Wednesday, up nearly 3.5% on the day. The stock is up close to 10% year-to-date.

As of March 31, Block held 9,032 Bitcoin on its balance sheet, valued at around $675 million. That ranks the company as the 14th largest publicly traded corporate Bitcoin holder.

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