Cash App has begun supporting stablecoin transactions across Ethereum, Solana, Polygon, and Arbitrum - a major expansion for the payments platform long dedicated to Bitcoin under maximalist Jack Dorsey.
Users can send and receive Circle's USDC on those networks with no fees currently involved. Incoming stablecoins are automatically converted into U.S. dollar balances, a departure from competitors like Venmo, which records PYUSD under a separate crypto tab.
The service is not yet available in New York, and users must verify their identity while subject to transaction limits. The cautious rollout reflects Block's navigation of growing competition following federal stablecoin legislation last year.
Dorsey, a vocal Bitcoin advocate, has previously critiqued stablecoins as shifting "from one gatekeeper to another," but acknowledged rising customer demand. Block has invested heavily in Bitcoin mining hardware and its self-custodial BitKey wallet, aligning with Dorsey's vision of Bitcoin as "everyday money."
Block shares rose nearly 3.5% to around $71.55 Wednesday, up nearly 10% year-to-date. Over the same period, Bitcoin declined over 14% to $74,800. Block holds 9,032 Bitcoin worth $675 million on its balance sheet, making it the 14th largest publicly traded corporate holder.