Jack Dorsey, a staunch advocate of Bitcoin and widely known as a “Bitcoin maximalist,” has made a surprising pivot in the world of digital payments. While his long-time support for Bitcoin remains firm, Dorsey’s mobile payment platform Cash App is set to embrace stablecoins — and it’s starting with the Solana blockchain, not Bitcoin’s own network.
Cash App, a flagship product under Dorsey’s company Block, has announced that it will soon enable users to send and receive digital dollars using stablecoins. The move marks a significant broadening of the app’s crypto functionality. Previously focused on Bitcoin, this update introduces a new level of flexibility and speed for users, especially in terms of cross-border and peer-to-peer transactions.
According to a spokesperson from Cash App, the upcoming feature will not be limited to just one network or stablecoin. Instead, the platform is being designed to support “multiple stablecoins and networks,” suggesting future support could extend beyond Solana and USDC. The company did not provide an official launch date, but the rollout is anticipated sometime next year.
“For the first time, Cash App will soon provide access to stablecoins, allowing customers to send and receive digital dollars nearly anywhere in seconds,” the company said in an official statement, signaling its intent to redefine the user experience with fast, low-cost transactions.
Solana’s team confirmed that USDC transfers via its blockchain will be the foundation of this new feature in the early stages. Known for its high throughput and low fees, Solana is becoming an increasingly popular choice for crypto payments, especially for stablecoins like USDC. This choice of network stands in contrast to Bitcoin’s own Layer 1, which is often criticized for slower transaction speeds and higher fees.
The move has sparked interest across the crypto space, as it signals a shift in Dorsey’s strategy. While he has long centered his crypto operations around Bitcoin — going so far as to rebrand his company Square to Block in alignment with blockchain technology — the integration of stablecoins on an alternative blockchain may be seen as both a pragmatic and strategic evolution.
Stablecoins, particularly those pegged to the U.S. dollar like USDC and USDT, have become essential in the broader crypto ecosystem. They offer a bridge between traditional finance and decentralized platforms, providing the stability of fiat with the speed and programmability of blockchain. For Cash App users, this means faster transfers, reduced volatility, and better access to digital finance tools.
By choosing Solana as the initial blockchain for stablecoin payments, Cash App is also betting on scalability and efficiency. Solana has consistently demonstrated transaction speeds of over 65,000 per second with low fees, making it a cost-effective alternative for micropayments and everyday use. This could be particularly significant for users in emerging markets who rely on mobile wallets for remittances and day-to-day transactions.
The integration of stablecoins could also pave the way for new services within Cash App, such as programmable payments, yield-generating savings accounts, and cross-border remittance solutions. It may even open the door to decentralized finance (DeFi) features in the future, introducing millions of users to blockchain-based financial products without requiring them to leave the app.
While Bitcoin remains central to Dorsey’s vision of a decentralized future, the practical limitations of its core network — particularly in terms of transaction speed and cost — may have prompted this diversification. Notably, while technologies like the Bitcoin Lightning Network offer faster Bitcoin transactions, they are still not widely adopted or as seamless as stablecoin transfers on Solana or Ethereum.
Dorsey’s decision also reflects the growing institutional interest in stablecoins as a medium for digital commerce. With PayPal launching its own stablecoin (PYUSD) and Visa experimenting with USDC on multiple blockchains, the stablecoin economy is quickly becoming a core component of the digital financial system.
In a broader context, Cash App’s support for stablecoins could encourage more mainstream adoption of crypto payments. Millions of Cash App users already use the platform for sending money, paying bills, and investing in Bitcoin. Adding stablecoins to the mix enhances the app’s utility and positions it as a comprehensive digital finance tool that bridges both traditional and decentralized worlds.
There’s also a potential regulatory dimension to consider. As stablecoins come under increasing scrutiny from U.S. and global regulators, Cash App’s integration may spur conversations around compliance, licensing, and consumer protection. Dorsey’s company will likely need to ensure that it adheres to evolving legal frameworks, especially if it supports multiple stablecoins across jurisdictions.
In summary, while Jack Dorsey’s allegiance to Bitcoin remains unchanged, his willingness to embrace stablecoins — and specifically via the Solana blockchain — signals a pragmatic adaptation to the evolving crypto landscape. It reflects a recognition that user demand for fast, stable, and low-cost digital payments is growing, and that solutions like USDC on Solana may offer the best path forward for broader adoption.