Cash App enables USDC transfers on four blockchains

Cash App announced Wednesday that users can send and receive USDC stablecoins on Solana, Ethereum, Polygon and Arbitrum using their existing USD balance, with no separate wallet, no extra setup and no fees.

Miles Suter, Block’s Bitcoin product lead, posted the update on social media. He wrote: “Everything runs from your existing USD balance. No separate wallet, no managing multiple chains, no extra setup, and importantly no fees.”

The feature runs inside Cash App’s current interface, so customers do not need to create additional wallets or switch between chains to move USDC. Circle, the issuer of USDC, will supply the tokens for transfers. Cash App reported 59 million monthly active customers.

Block, the parent company of Cash App, has previously released bitcoin-focused products including the Bitkey self-custody hardware wallet, the Proto bitcoin mining unit and the Spiral open-source research arm. The new capability adds a multi-chain stablecoin function to the app.

The launch comes amid broader activity by banks, fintechs and payment companies around stablecoins. The total supply of stablecoins recently topped $300 billion. In the latest month of available data, Tether's USDT added more than $5 billion to its supply, while the combined supply of Circle's USDC, Ethena's USDe and PayPal's PYUSD declined by about $4.2 billion.

Cash App did not provide details on fees for other services or a timeline for adding more tokens or networks. Suter also wrote: “Making Bitcoin Everyday Money remains my top goal at Cash App, Square, Bitkey and Block.”