Cash App Starts USDC Transfers on Ethereum, Solana, Polygon and Arbitrum
Summary
- Cash App said it has launched USDC stablecoin transfers and supports the Ethereum (ETH), Solana (SOL), Polygon (POL) and Arbitrum (ARB) networks.
- Users can currently send USDC without a separate transfer fee, and received USDC is automatically converted into a U.S. dollar balance.
- The market increasingly sees competition in stablecoins intensifying as global fintech companies expand the rollout of stablecoin payment features.
Forecast Trend Report by Period
Block Inc.'s Cash App, the payments platform led by Jack Dorsey, has begun supporting USDC stablecoin transfers, as major fintech companies expand deeper into stablecoin-based payments.
Crypto media outlet Decrypt reported on May 27 that Cash App now supports USDC transfers across the Ethereum, Solana, Polygon and Arbitrum networks.
Users can send USDC without a separate transfer fee. Cash App automatically converts received USDC into a US dollar balance.
The service is not yet available to users in New York. Users must also complete know-your-customer, or KYC, verification to access the feature.
Stablecoins are spreading rapidly as payment and remittance infrastructure, according to the market view cited in the report. As global fintech companies widen their rollout of blockchain-based payment features, competition in the stablecoin market is intensifying.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
