- Cash App now allows eligible users to send and receive USDC while automatically converting stablecoins to and from US dollars, eliminating the need for separate wallets or manual crypto management.
- Rather than selling stablecoins as a consumer product, Cash App is using them as infrastructure to enable faster, more seamless money movement across wallets, exchanges, merchants, fintech apps, and payment platforms.
- Keeping stablecoins invisible with blockchain infrastructure that operates behind the scenes creates a customer expectation for money to move instantly and seamlessly across financial ecosystems.
Block-owned Cash App has now made send and receive capabilities available for stablecoins. The offering includes stablecoin on- and off- ramps to fiat US dollars.
After teasing the capabilities last fall, Cash App now allows eligible customers to send and receive USDC on its platform. Because Cash App automatically converts to fiat currency, customers don’t need to manage a separate stablecoin wallet. To simplify things, Cash App manages sourcing, conversion, and settlement so that all the user sees is a single, unified balance in their app.
At first glance, it may seem strange that there would be demand for US users to send and receive stablecoins, especially if they are going to be automatically converted to US dollars. The truth is that Cash App users don’t necessarily want stablecoins themselves, but they want the experiences stablecoins enable. For example, stablecoins allow funds to move more seamlessly across financial ecosystems, making it easier for users to transfer money between wallets, exchanges, merchants, fintech apps, and payment platforms without depending on traditional banking rails.
Additionally, stablecoins increasingly function as infrastructure that helps money move more freely between otherwise fragmented financial systems. And in the future, stablecoins will be useful for agent-driven, programmable payments.
Users can send stablecoins by selecting the recipient’s wallet address and then choosing to pay in US dollars with their Cash App balance. To receive stablecoins, users select “Deposit USDC” in the Money Tab, choose their supported network, and receive a wallet address to accept stablecoins. After the funds are deposited, Cash App instantly converts the USDC into US dollars in their Cash App balance.
Cash App’s stablecoin rollout strips out the complexity that has historically limited stablecoin adoption. With its behind-the-scenes stablecoin-to-fiat and fiat-to-stablecoin on and off ramps, Cash App is essentially treating stablecoins as infrastructure instead of a product to help maintain its familiar customer experience. As more consumer-facing fintechs follow this “invisible stablecoin” approach, users will increasingly expect money to move instantly, continuously, and seamlessly across financial ecosystems regardless of the underlying rails.
“As stablecoins continue to gain global adoption, we see an opportunity to get millions more Cash App customers comfortable using open financial rails,” said Block Bitcoin Product Lead Miles Suter. “Once they’re on those rails, they’re one step closer to bitcoin.”
At launch, Cash App is supporting USDC on Solana, Ethereum, Polygon, and Arbitrum. The new tools for sending and receiving USDC payments are not available to residents in New York. For other users, the capabilities are currently free, but Cash App plans to add a fee in the future.