Block's Cash App will gradually launch stablecoin payment features

According to CoinDesk, Block's Cash App is gradually rolling out stablecoin payment features to its nearly 60 million users. According to insiders, this feature currently covers about 25% of users and is planned to be fully available to 100% of users within this week.

The core feature launched supports users to deposit and withdraw using USDC, allowing for free transfer of funds between external wallets and Cash App balances, and using stablecoins as a payment settlement tool rather than an investment product. It currently supports transactions across four blockchain networks, including Solana, Ethereum, Polygon, and Arbitrum. Due to the irreversibility of on-chain transactions, sending to incorrect addresses or unsupported networks will result in permanent loss of funds.

Block CEO Jack Dorsey previously stated that although the company has a long-term preference for Bitcoin, the demand for stablecoins has prompted the company to adjust its strategy.