A quarter of Cash App's nearly 60 million users can now deposit and withdraw stablecoins directly through the app. Block confirmed the phased rollout on Wednesday via a source familiar with the matter, with plans to reach full availability by the end of the week.
The source said approximately 15 million users already have access to the new feature, which allows them to use Circle's USDC as a payment rail rather than an investment vehicle. A Block spokesperson verified the deployment timeline in response to a request for comment.
From Bitcoin Maximalism to Multi-Chain Embrace
The integration signals a significant ideological pivot for Block's leadership. For years, CEO Jack Dorsey positioned the company's crypto strategy exclusively around Bitcoin, funding mining hardware development and embedding BTC into Cash App. Now, according to the insider, Dorsey has changed his stance and sees tangible value in non-BTC networks.
Dorsey acknowledged the shift publicly in March. "I don't like that we're going to support stablecoins but our customers want to use them," he said. "I don't think it's wise to go from one gatekeeper to another." The company first announced plans for stablecoin payments late last year, targeting a 2026 launch — a timeline that has now been accelerated.
The broader stablecoin market provides context: total market capitalization hit a record $322 billion this week, surpassing the foreign exchange reserves of 95 countries, including developed economies like the U.K. and Canada.
Four Networks, Strict Limits, Irreversible Transactions
The feature treats stablecoins strictly as a payment method, not investment infrastructure. Users can deposit USDC from external wallets to fund their fiat Cash App balance, or withdraw fiat as USDC to external wallets — using the blockchain purely as a transaction rail.
Official documentation confirms support for USDC across Solana, Ethereum, Polygon, and Arbitrum. However, the company warns that all blockchain transactions are irreversible; funds sent to incorrect addresses or unsupported networks will be permanently lost.
To use the feature — currently unavailable in New York and on sponsored accounts — identity-verified users face strict caps: a $2,000 daily sending limit ($5,000 weekly) and a $10,000 weekly receiving limit. Block says these restrictions are designed for compliance and risk management, and may evolve over time.