Block’s Cash App has initiated a phased rollout of USDC stablecoin payments, deposits, and withdrawals to its nearly 60 million users. The feature starts with about 25% of the customer base and is expected to reach full availability by the end of the week. This marks a significant expansion of the app’s crypto capabilities, which previously focused heavily on Bitcoin.
Users can now send and receive Circle’s USDC across four supported networks: Solana, Ethereum, Polygon, and Arbitrum. Incoming stablecoins are automatically converted into standard U.S. dollar balances, reflecting the company’s stance that this is a payments and settlement tool—not a yield product. Fees for stablecoin transfers are currently waived, according to Cash App’s website.
The integration connects mainstream fintech to public blockchains, allowing someone paid in USDC on any of the supported chains to pull funds into Cash App and spend in the familiar fiat environment, or push value out to an external wallet. However, Cash App warns that on-chain mis-sends are irreversible, emphasizing that choosing the wrong network or address will result in permanent loss of funds.
The move represents a pragmatic shift for Block and its CEO Jack Dorsey, a vocal Bitcoin maximalist who has criticized stablecoins as shifting trust from one gatekeeper to another. Dorsey acknowledged growing customer demand for dollar-pegged assets. Block continues to hold 9,032 Bitcoin as a corporate investment, but the USDC rollout aligns with market preferences for stable, programmable money for everyday transactions.
The feature is not yet available for customers in New York, and identity verification is required with transaction limits. Block shares rose nearly 3.5% on the news.
