Block has started rolling out a stablecoin feature to Cash App users, with about one in four — or roughly 15 million people — already able to use it. The company plans to give all of Cash App's nearly 60 million users access by the end of this week.
Phased rollout details
The stablecoin feature is being released in stages. As of now, 25% of Cash App accounts have the option enabled. Block hasn't said why it chose a phased approach, but the gradual release lets the company test the system before it goes live for everyone.
Full availability is scheduled for the end of the week. Users who don't see the feature yet should check back in the coming days.
What the stablecoin does
The stablecoin is designed to work inside Cash App, letting users send and hold a digital currency that's pegged 1-to-1 with the U.S. dollar. Block hasn't disclosed which blockchain it's using or which stablecoin standard it follows. The company has been exploring crypto features for years, but this is its first direct stablecoin integration for the app's massive user base.
Cash App is already a hub for peer-to-peer payments, stock trading, and bitcoin purchases. Adding a stablecoin gives users a way to move value without the volatility of bitcoin or the friction of bank transfers. For Block, it's another step toward building a broader financial ecosystem inside the app.
The timing is notable. Stablecoins have drawn increasing regulatory attention in the U.S., but Block is pressing ahead with the rollout anyway. The company hasn't said whether it received any regulatory sign-off or if it's operating under existing money-transmitter licenses.
One open question is how this stablecoin will interact with Cash App's existing bitcoin wallet. Users can already buy, sell, and send bitcoin inside the app. The stablecoin could serve as an on-ramp or off-ramp for crypto trades, but Block hasn't detailed the integration.
For now, the rollout is the news. By the end of the week, every Cash App user should have stablecoin access. What they do with it — and how regulators respond — will come later.
