Block Begins Rolling Out Stablecoin to 60M Cash App Users
Block (formerly Square) is introducing a stablecoin feature to Cash App, starting with 25% of its 60 million users. By the end of the week, all users will have access to the feature, allowing them to buy, sell, and hold stablecoins directly within the app.
Block, the company behind Cash App, has begun a phased rollout of a stablecoin feature to its nearly 60 million users. An individual familiar with the matter told CoinDesk that the feature is already available to 25% of users and will be fully deployed by the end of the week.
The stablecoin feature will allow Cash App users to buy, sell, and hold stablecoins directly within the app. Stablecoins are cryptocurrencies designed to minimize price volatility, typically by pegging their value to a reserve asset like the U.S. dollar. This move is part of Block's broader strategy to integrate more crypto-related services into its popular financial app.
For everyday users, this means easier access to stablecoins, which can be used for transactions, savings, or as a hedge against market volatility. The integration could also attract more users to Cash App, as it offers a seamless way to interact with digital assets without needing to use separate crypto exchanges.
This rollout comes at a time when stablecoins are gaining traction as a means of payment and store of value. As more users gain access to the feature, it will be interesting to see how it impacts the adoption of stablecoins and the overall crypto market. Users should watch for any updates or additional features that Block may introduce in the coming weeks.