Block Kicks Off Cash App’s Phased Stablecoin Rollout to Its Nearly 60 Million Users

Block‘s Cash App has quietly begun rolling out its long-awaited stablecoin payment feature, activating USDC support for approximately 25% of its nearly 60 million users Wednesday with plans to reach 100% by the end of the week, according to Miles Suter, Bitcoin Product Lead at Block Inc’s tweet Thursday.

The integration supports USDC transfers on Solana, Ethereum, Polygon, and Arbitrum, allowing users to deposit USDC from external wallets into their Cash App balance or withdraw fiat as USDC to external addresses.

This story is an excerpt from the Unchained Daily newsletter.

The product is structured as a payments rail, not an investment vehicle. There is no yield, no speculative exposure, and no in-app trading layer beyond send-and-receive. Transaction limits are conservative: $2,000 daily / $5,000 weekly for sending, and $10,000 weekly for receiving. The feature is unavailable in New York and for sponsored accounts.

Cash App has explicitly warned users that blockchain transfers are irreversible: misaddressed or wrong-network sends cannot be recovered.

The launch is a notable reversal for Jack Dorsey, Block‘s CEO and co-founder, who has framed the company’s crypto strategy around bitcoin alone for years. In a March statement explaining the decision, Dorsey said: “I don’t like that we’re going to support stablecoins but our customers want to use them. I don’t think it’s wise to go from one gatekeeper to another.”

Dorsey has historically backed bitcoin mining hardware development, self-custody products, and Lightning-driven payments. The decision to integrate USDC across four non-Bitcoin chains marks the clearest public signal that consumer demand for stablecoin payments has outpaced his ideological priorities. A source familiar with the rollout told CoinDesk that Dorsey now sees tangible value in non-BTC networks.

Total stablecoin market capitalization hit a record $322 billion this week, surpassing the foreign exchange reserves of 95 countries, including the United Kingdom and Canada. Circle, the issuer of USDC, has expanded onto Hyperliquid as the official treasury deployer earlier this month and is partnering with payments network Nium to connect USDC settlement to global payout rails.

Stablecoins are functioning increasingly as a global payment infrastructure rather than a crypto niche, and consumer fintech platforms are racing to integrate them before regulatory windows close or competitors lock in network effects.

For Block, the rollout positions Cash App as one of the largest stablecoin distribution channels in the U.S. consumer market, alongside PayPal‘s PYUSD push and SoFi‘s own stablecoin announcement this week.