Jack Dorsey Expands Cash App to Support Stablecoins
Jack Dorsey is integrating stablecoins and Bitcoin Lightning Network payments into Block's Cash App to compete with traditional payment networks.
Cash App is expanding its capabilities to support stablecoins, including the USDC token issued by Circle Internet Group Inc. Jack Dorsey, co-founder and chairman of Block Inc., is steering this strategic shift, allowing users to deposit stablecoins as U.S. dollars into their balances and transfer them to external wallets.
This move represents a departure for Dorsey, a Bitcoin maximalist who previously maintained that Bitcoin should be the sole anchor for daily payments. Alongside stablecoin support, Block is deepening its Bitcoin integration by enabling payments via the Lightning Network and introducing a map to help users identify merchants that accept the cryptocurrency.
The expansion follows the implementation of the first U.S. regulatory framework for stablecoins in July. This regulatory clarity has encouraged retailers and financial institutions to adopt dollar-backed tokens to increase the efficiency of cross-border transactions.
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