Cash App, the widely used payment platform owned by Block Inc., has rolled out one of its most impactful updates in the cryptocurrency realm. This latest enhancement introduces instant Bitcoin payments, enabling users to transact using Bitcoin even if they do not own any of the cryptocurrency. Additionally, the app now offers global support for sending and receiving stablecoins, marking a significant milestone for its user base of 58 million.
The newly launched Bitcoin Payments with USD feature facilitates purchases by automatically converting US dollars from a user”s balance into Bitcoin for merchants via the Lightning Network. This innovation allows all Cash App users to engage in crypto payments without impacting their current Bitcoin holdings or triggering taxable sales.
Moreover, Cash App has unveiled the Bitcoin Map, an interactive tool designed to help users locate nearby businesses that accept Bitcoin, allowing for direct payments through the app. This feature aims to bolster local economies that are increasingly adopting digital assets. In the second quarter of 2023, Cash App reported a gross profit of $44 million from $2.4 billion in Bitcoin sales, indicating its substantial presence in the crypto market.
Stablecoins and Cash App”s Vision for Bitcoin Payments
Alongside Bitcoin payments, Cash App has introduced support for stablecoins, enabling users to send and receive these digital assets globally. Incoming stablecoins are automatically converted into US dollars, ensuring transactions are processed with stable value. Miles Suter, head of Bitcoin at Block Inc., emphasized that stablecoins serve as a bridge between traditional finance and decentralized digital money.
According to Suter, “The traditional fiat system is Money 1.0. Bitcoin is Money 2.0.” He highlighted that Cash App is committed to developing practical tools for both consumers and merchants that facilitate peer-to-peer transactions in an efficient manner.
Furthermore, Cash App is looking towards self-custody as a long-term goal, enabling users to independently manage their funds. To support this, Block has created the Bitkey wallet, and an automatic transfer feature to self-custody is expected to be implemented in 2026.
In 2025, the first business to trial the Lightning-powered Bitcoin payment system through a Square terminal will be Compass Coffee, a café chain located in Washington, D.C. This initiative showcases the ongoing evolution of Cash App”s capabilities in the cryptocurrency landscape.
