Block Rolls Out USDC Payments on Cash App, Plans Expansion to All Users Before Weekend
Summary
- Block's mobile payments service Cash App is gradually rolling out payment and transfer features using Circle's USDC, with the service set to expand to all users before the weekend.
- CoinDesk said the adoption of stablecoins could be interpreted as a shift in stance by Chief Executive Officer Jack Dorsey, who has long adhered to a Bitcoin-focused strategy.
- Cash App said it will use USDC only as payment infrastructure, not as an investment product, and supports four chains — Solana (SOL), Ethereum (ETH), Polygon (POL) and Arbitrum (ARB) — while warning that funds cannot be recovered if assets are sent by mistake.
Forecast Trend Report by Period
Block Inc.'s mobile payments service Cash App is rolling out stablecoin payment features in phases.
CoinDesk reported on May 27 that Cash App has begun deploying payment and transfer functions using Circle's USDC. Block has not issued an official statement, but a person familiar with the matter told CoinDesk the feature has been activated for some users and is expected to expand to all users before the weekend.
CoinDesk said the move could signal a shift by Chief Executive Officer Jack Dorsey, who has long maintained a Bitcoin-focused strategy.
Cash App plans to use stablecoins in the feature only as payment infrastructure, not as an investment product. Users can deposit USDC from external wallets and convert it into their Cash App balance, or withdraw their Cash App balance to external wallets in the form of stablecoins.
The feature supports four networks: Solana, Ethereum, Polygon and Arbitrum. Cash App warned that funds cannot be recovered if assets are sent to the wrong address or through an unsupported network because of the nature of blockchain transactions.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
