Block has begun the implementation of stablecoin payments on its Cash App, currently accessible to 25% of its nearly 60 million users. The company aims to provide full access to all users by the end of the week.
Details of the Rollout
According to sources familiar with the development, this new feature allows users to make transactions using the USDC stablecoin across various blockchain networks, including Solana, Ethereum, Polygon, and Arbitrum. This marks a significant shift for Block, particularly for CEO Jack Dorsey, who has traditionally focused on Bitcoin alone.
Transaction Limits and Availability
- The feature is not available in New York or for sponsored accounts, with transaction limits set at $2,000 daily and $10,000 weekly for receiving.
- Users can deposit USDC from external accounts and withdraw funds as stablecoins, utilizing the benefits of blockchain technology.
- This transition underscores a broader acceptance of stablecoins within Block’s strategy, reflecting changing consumer demands.
Dorsey previously expressed hesitance about supporting stablecoins, stating, "I don’t like that we’re going to support stablecoins but our customers want to use them." However, this rollout indicates a recognition of the evolving landscape of digital currencies.
