Suter did not say which stablecoins or which blockchains Cash App intends to support. “Our principles are to be chain and coin-agnostic right now, and to go where customers lead,” he said. “We’re not going to support 100 coins and 100 chains.”
On Thursday, a Block spokesperson told Fortune that Cash App plans to integrate USDC, the second-largest stablecoin by market capitalization, into its platform as well as the blockchain Solana, among others.
Suter did add that each user will get a blockchain address associated with their account. Any stablecoins sent to that address will be converted into dollars within Cash App, and dollars sent out of the platform to a blockchain address will be converted back into stablecoins.
“If I were founding Cash App today, I would build it on stablecoin rails natively,” Suter said.
“I think Bitcoin is so unique, but I want to make sure I’m aware of everything that’s going on in the space,” said Suter, the Bitcoin product lead at Block.
In addition to announcing its intention to add stablecoins to Cash App, Block said Thursday that Cash App users will be able to pay merchants in Bitcoin—without holding the cryptocurrency in their wallets. Previously, customers could pay with Bitcoin, but only if they actually held it. Now, if the recipient accepts Bitcoin, the platform will automatically convert the customer’s cash into the cryptocurrency and send it the merchant.
Update, Nov. 13: Added in additional information about which stablecoins and blockchains Cash App intends to support as well as context about Bitcoin payments farther down in the piece.
