Cash App Expands with Fee-Free USDC Transactions
- Cash App now supports fee-free USDC stablecoin transactions on Ethereum, Solana, Polygon, and Arbitrum.
- Unlike Venmo, Cash App converts incoming stablecoins to U.S. dollar balances automatically.
- Stablecoins are not yet available for New York customers and require identity verification.
- Block’s stock price increased by nearly 3.5% to $71.55, with a year-to-date rally of almost 10%.
- Bitcoin holdings by Block totalled $675 million as of March, ranking it the world’s fourteenth largest corporate holder.
Cash App’s support for stablecoin transactions across multiple blockchains marks a significant expansion from its previous Bitcoin-centric focus under Jack Dorsey’s leadership. This move reflects growing demand for multi-chain utility within the payments ecosystem.
Despite Dorsey’s prior criticisms of stablecoins as shifting control between gatekeepers, Cash App has embraced their use due to customer demand, while maintaining a Bitcoin-first approach in design and strategy (Source).
