The payments ecosystem is integrating stablecoins, with Visa and Mastercard expanding stablecoin capabilities across platforms.

USDC is issued by Circle, and transfers occur alongside other stablecoins and crypto initiatives gaining traction among banks and fintechs.

The total stablecoin market surpassed $300 billion, driven largely by USDT, with USDC, USDe, and PYUSD showing net declines over the period.

Block continues to position Bitcoin as its core objective, describing it as “Money 2.0,” with stablecoins acting as a bridge rather than a destination.

Cash App has begun supporting fee-free USDC transfers on Ethereum, Solana, Polygon, and Arbitrum, expanding Block’s payments ecosystem beyond Bitcoin.

Cash App, operated by Block, Inc., serves about 59 million monthly active users.

The upgrade lets Cash App’s users use USDC directly from their USD balances without adding wallets, managing multiple chains, or paying transfer fees.

Block’s stock rose intraday after the report, with year-to-date gains around 10% while Bitcoin's price declined roughly 14% in the same period.

The move reflects Block’s cautious stance amid rising competition in stablecoins and a shifting regulatory environment.

Under Jack Dorsey, Block has pursued Bitcoin-focused initiatives (mining hardware, BitKey wallet, Lightning Network) while embracing stablecoins as a complementary option.

Block’s Square unit enabled Bitcoin payments by default for U.S. sellers in March, with instant settlement via the Lightning Network; stablecoins were added earlier as a complement.

The Cash App expansion fits a broader trend of crypto and stablecoin adoption across major payment networks and platforms.