Key Takeaways
- Miles Suter, product lead at Block, Inc., announced on social media that Cash App users can send and receive USDC stablecoins on Solana, Ethereum, Polygon and Arbitrum.
- “We remain singularly focused on bitcoin becoming the native currency of the internet,” Suter also stated.
Cash App users can now send and receive USDC stablecoins on multiple blockchains, the popular mobile payment platform run by Block, Inc. Said on Wednesday.
Miles Suter, Block, Inc. Bitcoin product lead, used social media to announce the Cash App upgrade, saying customers can now transfer on Solana, Ethereum, Polygon and Arbitrum. “Everything runs from your existing USD balance. No separate wallet, no managing multiple chains, no extra setup, and importantly no fees,” Suter said in a post.
The fintech company Block, Inc., co-founded by Jack Dorsey, operates Cash App. Since Cash App embraced bitcoin several years ago, the move to allow USDC transfers marks one of app’s biggest crypto expansions. Circle, which issues USDC, is the largest stablecoin issuer based in the U.S.
According to Cash App, it has 59 million monthly active customers.
Because Dorsey is one of the most prominent Bitcoin maximalists in tech and finance, Block has usually restricted its crypto-related features to Bitcoin tools. The company is supporting the self-custody Bitcoin hardware wallet Bitkey, the Bitcoin mining unit Proto, and the independent open-source R&D arm Spiral.
The upgrade of the mobile payment company comes as banks, fintechs, and payment companies invest in or explore stablecoins. Also expanding into stablecoins are major payment networks Visa and Mastercard.
With market-leading Tether’s USDT adding over $5 billion over the past month, the total stablecoin supply recently surpassed $300 billion. This is in contrast to the supply of Circle’s USDC, Ethena’s USDe, and PayPal’s PYUSD, which together declined by roughly $4.2 billion during the same period.
While Suter acknowledges how useful stablecoins are, he said on May 27 that bitcoin is “Money 2.0,” fiat is “Money 1.o”, and stablecoins are the bridge between the two.
“Making Bitcoin Everyday Money remains my top goal at Cash App, Square, Bitkey, and Block,” Suter also said. “We remain singularly focused on bitcoin becoming the native currency of the internet.”
