"The digital wallet Cash App is expanding beyond Bitcoin. The payments and banking platform will soon let users send and receive stablecoins, Miles Suter, Bitcoin product lead at the fintech Block, which owns Cash App, told Fortune. Access to stablecoins, or cryptocurrencies pegged to underlying assets like the U.S. dollar, will roll out early next year, said a Block spokesperson."
""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." He 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."
Cash App will add the ability for users to send and receive stablecoins, with access rolling out early next year. The specific stablecoins and blockchains to be supported were not specified. Each user will receive a blockchain address tied to their account. Stablecoins sent to that address will be converted into dollars within Cash App, while dollars sent from the platform to a blockchain address will be converted back into stablecoins. Cash App's approach is chain- and coin-agnostic and will follow customer demand without supporting an excessive number of coins or chains. Block identifies as Bitcoin-first, but stablecoins have gained significant industry momentum.
Read at Fortune
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