Cash App Now Supports Stablecoins, Despite Bitcoin Maxi Jack Dorsey's 'Gatekeeper' Gripes

Cash App has launched fee-free USDC transfers across Ethereum, Solana, Polygon and Arbitrum, automatically converting received stablecoins into USD balances (unavailable to New York users and subject to identity/limits). The move broadens Block’s payments utility beyond Bitcoin and may boost on‑ramps and transaction volumes across multiple chains. Separately, Block disclosed 28,355 BTC (~$2.2B) in a proof-of-reserves report (19,357 BTC custodied for customers; 8,997 BTC corporate), and its shares jumped about 3.5% intraday. The news is a mixed signal for crypto markets: improved payments utility and corporate Bitcoin exposure supporting adoption and Block equity, while Bitcoin itself is down year-to-date (~14%) and major crypto prices including ETH were modestly lower on the day.