Stablecoin send and receive is now available for all eligible customers on Cash App*. As we shared last fall, stablecoins on Cash App convert to U.S. dollars automatically, meaning no additional setup is needed and customers see one, unified balance in the app.
Stablecoins are a type of digital currency designed to maintain the value of the U.S. dollar while moving at internet speed. Adjusted stablecoin transaction volume over the last 12 months is currently $13.28 trillion, demonstrating that stablecoins have become a core part of the payments landscape. 59 million customers transact on Cash App on a monthly basis; now, the platform is making it seamless for millions to put their Cash App balance on open financial rails.
How it works
Eligible Cash App customers can now send and receive USDC on the platform. Since stablecoins on Cash App auto-convert to U.S. Dollars, customers don’t need to hold or manage a standalone stablecoin wallet on the platform. Cash App manages sourcing, conversion, and settlement behind the scenes.
- To send stablecoins, customers can navigate to Payment Tab, paste the recipient’s wallet address in the search bar, then pay in U.S. Dollars with their Cash App balance.
- To receive stablecoins, customers can select “Deposit USDC” in the Money Tab. After picking a supported network, they will receive a wallet address to accept stablecoins. Once the funds are deposited, Cash App will instantly convert the USDC into U.S. Dollars in their Cash App balance.
Cash App currently supports USDC on Solana, Ethereum, Polygon, and Arbitrum. USDC send and receive will be fee-free to start.*
Stablecoins as a bridge to bitcoin
Cash App remains bitcoin-first, and stablecoins on Cash App are a complementary option that provides customers greater flexibility and meets them where they are: bitcoin serves as the foundation for an open and borderless financial system, while stablecoins serve as a stepping stone to quickly move digital dollars.
“As stablecoins continue to gain global adoption, we see an opportunity to get millions more Cash App customers comfortable using open financial rails,” said Miles Suter, Bitcoin Product Lead at Block. “Once they’re on those rails, they’re one step closer to bitcoin.”
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*No fee offer available for a limited time only. Sending stablecoins to an address on an incompatible network, or sending an unsupported asset to any address, will result in a permanent and irreversible loss of funds. Cash App cannot recover funds sent to incorrect, incompatible, or unsupported addresses or networks.
Stablecoins on Cash App is not available to New York residents. Virtual currency services provided by Block, Inc. Virtual currency services are not licensable activity in all U.S. states and territories. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Virtual currencies are non-deposit, non-bank products that are not FDIC insured and involve risk, including monetary loss. See disclosures (https://cash.app/legal/us/en-us/bitcoin-disclosures) and terms (https://cash.app/legal/us/en-us/tos#virtual-currency).
