Cash App Rolls Out Stablecoin Payments

Cash App is rolling out its stablecoin payment feature.

“Stablecoin send and receive is now available for all eligible customers on Cash App,” the Block-owned company said in a Wednesday (May 27) press release. “[S]tablecoins on Cash App convert to U.S. dollars automatically, meaning no additional setup is needed, and customers see one, unified balance in the app.”

Cash App supports USDC stablecoins on the Solana, Ethereum, Polygon and Arbitrum blockchains, according to the release.

“With Cash App, you can send and receive stablecoins directly from your Cash Balance,” a statement on the company’s website said. “There is no separate stablecoin balance. When you receive stablecoins, they are instantly converted to dollars. When you send, we’ll convert your dollar amount 1:1 to stablecoins.”

The launch is an “unprecedented ideological shift for Block’s leadership and changes how the platform handles digital fiat currency,” CoinDesk reported Wednesday.

Integrating alternative blockchain rails indicates that Block CEO Jack Dorsey, who has long been a “staunch bitcoin maximalist,” has changed his thinking and now sees value in non-bitcoin networks, the report said, citing an unnamed source.

Cash App first announced the integration of a stablecoin payment method on its website late last year, saying it would become available in 2026, according to the report. Then in March, Dorsey explained the shift in his stance.

“I don’t like that we’re going to support stablecoins, but our customers want to use them,” he said, per the report. “I don’t think it’s wise to go from one gatekeeper to another.”

The rollout is happening as stablecoins are increasingly “being positioned as the best-fit crypto payment mechanism,” PYMNTS reported in February.

Stablecoins are not replacing cards but are “being absorbed into card infrastructure as a new settlement and funding source, allowing merchants to accept digital assets without ever holding them, as card networks and their partners do the heavy lifting in the background,” the report said

Monthly payment flows via these cards have surpassed $1.5 billion, highlighting consumer usage, while overall crypto-linked card spending now comes to $18 billion annually, which indicates a potential migration from more speculative use cases to pure-play retail payments.