Cash App Now Supports Stablecoins, Despite Bitcoin Maxi Jack Dorsey's 'Gatekeeper' Gripes
Cash App now supports stablecoin transactions—including Circle’s USDC—across Ethereum, Solana, Polygon, and Arbitrum networks, marking a shift from its earlier Bitcoin-only focus. Users can send and receive USDC without fees, but stablecoins are automatically converted to USD balances within the app, unlike some competitors that display stablecoin balances directly. Stablecoins are not yet available to New York customers, and identity verification with transaction limits applies. Block, Cash App's parent company, has previously prioritized Bitcoin, investing in mining hardware and self-custody solutions, aligning with Jack Dorsey’s advocacy for Bitcoin as open money. Despite Dorsey’s criticism of stablecoins, customer demand prompted their integration as a complementary option, with Cash App maintaining a “Bitcoin-first” strategy. Recently, Block’s Square enabled default Bitcoin payments for U.S. sellers, and Cash App cites stablecoins as a means for faster, lower-cost payments. Block’s share price has climbed nearly 10% year-to-date, while it holds 9,032 Bitcoin ($675 million) on its balance sheet, ranking it as the 14th largest corporate Bitcoin holder.
