Cash App, a popular payment platform by Block Inc., launched a whole bundle of product updates that now allow users to send and receive bitcoin as well as stablecoins. The company explained that the release is composed of 11 updates with over 150 improvements that aim to show the way users millions of times have changed their ways of earning, managing, and moving money in an ever-changing digital economy.
In a press release, Block emphasized that the bundled release has the following features: AI-powered navigation, broadened banking features, upgraded security tools, and the ability to make payments with USD-pegged stablecoins. The very tune-up comes when there is an upswing in stablecoin use worldwide financial systems. In the United States, large banks have demonstrated their willingness to issue or integrate stablecoins, whereas the peer-to-peer platform of Cash App, Zelle, is said to be investigating the use of stablecoin technology for cross-border transfers.
Jack Dorsey, a co-founder of Block and a bitcoin advocate for the longest time, was the leader in the formation of Cash App, which is now one of the most influential financial apps in the U.S. Owen Jennings, Block’s executive officer, spoke of the changes as ones that were conceived to address the customers’ evolving needs. He acknowledged that consumer behavior had changed at a much faster rate than traditional financial institutions could have adapted, hence platforms like Cash App have become indispensable in modern money management.
One of its major upgrades is that Cash App will enable users to pay via the Bitcoin Lightning Network even if they do not have BTC. The app will allow certain customers to carry out Lightning transactions using their U.S. dollar balances by automatically converting USD to make the payments quick and inexpensive. The new feature empowers users to scan a Lightning QR code and choose U.S. dollars as their payment currency, thus making bitcoin-based payments more accessible to the average customer.
Block also wrote that Square merchants will be able to carry out transactions in different ways, i.e., USD-to-USD, BTC-to-BTC, BTC-to-USD, and USD-to-BTC, without changing the payment method. The announcement is a follow-up to the launch of the Square Bitcoin merchant instrument, which was unveiled last month and enables businesses to accept bitcoin at no charge until 2027. Block is currently the owner of 8,692 BTC, which is worth around $858 million.
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