Cash App plans to Unlock Stablecoin Transactions Soon

The block, co-founded by former Twitter CEO Jack Dorsey, announced on Thursday, November 13, that users can now use stablecoins for transactions in its mobile platform Cash App. The official notice stated that soon, millions of Cash App customers would be able to make fast, low-cost payments even if they didn’t hold Bitcoin. The rollout is anticipated to be around early next year.

The company did not specify the type of stablecoin they are going to permit. Nevertheless, the Tether’s USDt and Circle’s USDC are the most popular stablecoins in use. Miles Suter, Block’s Bitcoin product lead, said that Bitcoin served as the foundation for an open and borderless financial system, while stablecoins served as a stepping stone to quickly move digital dollars. The notice further added that the update includes AI-powered navigation.

The Expanding Crypto Services from the Block

According to the announcement, Cash App is available to eligible customers in 48 states, and new users can borrow up to $500. Additionally, Cash App has integrated Afterpay directly into the app for the first time, enabling customers to view their balance, purchase power, online checkout options, and past purchases through a dedicated Afterpay home screen without requiring a separate app or login.

Commenting on the new updates, Owen Jennings, Executive Officer and Business Lead at Block, said that the way people earn and manage money had fundamentally shifted, and traditional financial institutions hadn’t kept up to meet their needs. He added that at Cash App, they were hyper-focused on building a platform that reflected how customers were actually participating in the economy that day. He mentioned that those new products and features had been designed to make money work better for them.

Moreover, the Cash App is now letting the eligible users make fast, free Bitcoin payments using the Lightning Network. The app also includes a new Bitcoin Map, which will show nearby businesses using Block’s Square businesses or firms accepting Bitcoin for users. This makes it easy for customers to find a merchant, get directions, and pay directly through Cash App.

Final Thoughts on Cas App’s New Updates

The Cash App’s new developments are bringing stablecoins and bitcoin close to the mainstream payment system. Currently around more than 126 million Americans depend on multiple and fragmented revenue streams, including side hustles and gig work. By leveraging stablecoins and digital currencies, apps such as Cash App are trying to make payments faster and more convenient for them.