Block kicks off Cash App’s phased stablecoin roll out to its nearly 60 million users
An individual familiar with the matter told CoinDesk the stablecoin feature was rolled out to 25% of users already and by the end of the week, all users will have access.
What to know:
- Block’s Cash App has begun rolling out USDC stablecoin payments to about a quarter of its nearly 60 million users, with plans to reach all users by the end of the week.
- The move marks a major shift for CEO Jack Dorsey, a longtime bitcoin-only advocate, who now acknowledges customer demand for stablecoins despite his ideological reservations.
- Cash App will support USDC on Solana, Ethereum, Polygon and Arbitrum as a payments rail with strict transaction limits, while warning that blockchain transfers are irreversible and the feature is unavailable in New York and for sponsored accounts.
The launch marks an unprecedented ideological shift for Block’s leadership and changes how the platform handles digital fiat currency.
The source familiar with the matter said that integrating alternative blockchain rails indicates Block CEO Jack Dorsey, a historically staunch bitcoin maximalist, has changed his mind and now sees tangible value in these non-BTC networks.
As of this week, the total market value of stablecoins has reached a record $322 billion, surpassing the foreign exchange reserves of 95 countries, including developed economies like the United Kingdom and Canada.
The integration of a stablecoin payment method was first announced on the Cash App website late last year, saying it would be available in 2026.
Dorsey explained his shift in stance in March. The bitcoin purist announced his firm was reluctantly giving into stablecoins. “I don’t like that we’re going to support stablecoins but our customers want to use them,” he said. “I don’t think it’s wise to go from one gatekeeper to another.”
