Block’s Cash App has quietly begun rolling out its extremely anticipated stablecoin fee function, a supply conversant in the matter advised CoinDesk Wednesday. In accordance to this particular person, the function is now lively for 25% of Cash App’s nearly 60 million users, with plans to scale to 100% by the top of the week.
A spokesperson at Block confirmed the roll-out in response to a request for remark.
The launch marks an unprecedented ideological shift for Block’s management and modifications how the platform handles digital fiat foreign money.
The supply conversant in the matter mentioned that integrating different blockchain rails signifies Block CEO Jack Dorsey, a traditionally staunch bitcoin maximalist, has modified his thoughts and now sees tangible worth in these non-BTC networks.
As of this week, the total market value of stablecoins has reached a record $322 billion, surpassing the international alternate reserves of 95 international locations, together with developed economies like the UK and Canada.
The mixing of a stablecoin fee technique was first announced on the Cash App website late final yr, saying it could be out there in 2026.
Dorsey defined his shift in stance in March. The bitcoin purist introduced his agency was reluctantly giving into stablecoins. “I don’t like that we’re going to help stablecoins however our prospects need to use them,” he mentioned. “I don’t assume it’s clever to go from one gatekeeper to one other.”
For years, Dorsey framed Block’s crypto technique round Bitcoin alone, backing mining {hardware} improvement and integrating the asset into merchandise akin to Cash App.
The newly-released integration treats stablecoins strictly as a fee technique reasonably than funding infrastructure, in accordance to a statement on the Cash App website.
Users can deposit Circle’s USDC stablecoins from exterior accounts to fund their fiat Cash App stability or withdraw funds as stablecoins to exterior accounts, using the blockchain solely as a contemporary transaction rail.
In accordance to official product documentation, the function helps USDC throughout 4 networks, together with Solana, Ethereum, Polygon, and Arbitrum. As a result of these blockchain transactions are solely irreversible, any funds despatched to incorrect addresses or unsupported networks can be completely misplaced.
To make use of the function, which is presently unavailable in New York and on sponsored accounts, identity-verified users face strict caps: a $2,000 every day ($5,000 weekly) sending restrict and a $10,000 weekly receiving restrict.
UPDATE (15:15 UTC): Add affirmation from Block that the USDC stablecoin fee roll-out is in course of.
