Cash App supports USDC stablecoin transactions on networks like Ethereum

Block's payment application Cash App now supports users in sending and receiving USDC stablecoins issued by Circle on Ethereum, Solana, Polygon, and Arbitrum, with no fees currently charged for related transfers.

The stablecoins received by Cash App will be automatically converted to a dollar balance. This feature is not yet available to customers in New York State, and users must complete identity verification and are subject to transaction limits.

Block has previously focused on Bitcoin, including the development of mining hardware and the self-custody wallet BitKey; Jack Dorsey stated earlier this year that stablecoins represent "a shift from one gatekeeper to another," while acknowledging the growing customer demand.