Cash App Adds Fee-Free USDC Transfers on Ethereum, Solana, Polygon, Arbitrum
Cash App has launched fee-free USDC stablecoin transactions across Ethereum, Solana, Polygon, and Arbitrum, marking a significant expansion beyond its Bitcoin-only focus under CEO Jack Dorsey. Unlike Venmo, which keeps PYUSD in a crypto tab, Cash App automatically converts incoming stablecoins into U.S. dollar balances. This move introduces multi-chain utility to Block's payments ecosystem, which has previously centered on Bitcoin. Stablecoins are currently unavailable for New York customers, and users must verify identity with transaction limits, reflecting Block's cautious regulatory approach. Dorsey, a Bitcoin maximalist, previously criticized stablecoins as shifting gatekeepers but acknowledged customer demand. The expansion follows Square's March rollout of default Bitcoin payments for U.S. sellers and Cash App's November stablecoin announcement. Block holds 9,032 Bitcoin worth $675 million as of March 31, making it the 14th largest public corporate holder. The stock traded at $71.55 on Wednesday, up nearly 3.5% midday, with a 10% year-to-date gain.
Key facts
- Cash App adds fee-free USDC transfers on Ethereum, Solana, Polygon, and Arbitrum.
- Incoming stablecoins are automatically converted to U.S. dollar balances.
- Stablecoins not available in New York; identity verification and limits apply.
- Block holds 9,032 Bitcoin worth $675 million as of March 31.
- Cash App expands beyond Bitcoin focus under Jack Dorsey.