Cash App offers fee-free USDC transfers on four chains

Cash App has enabled fee-free transfers of Circle’s USDC stablecoin on the Ethereum, Solana, Polygon and Arbitrum networks. Incoming USDC is automatically converted into a U.S. dollar balance in the app rather than remaining as a token holding.

The company’s website lists no fees for sending or receiving USDC on those four networks. The feature is not available to customers in New York. Users must complete identity verification and will face transaction limits to use the service, according to Cash App’s online terms.

Cash App began rolling out stablecoin payments in March. The option expands the app’s support beyond its earlier Bitcoin-focused services and lets customers send or receive USDC across multiple blockchains.

Under Block founder Jack Dorsey, the company invested in Bitcoin mining hardware and developed a self-custodial wallet named BitKey. Dorsey has warned that stablecoins can move “from one gatekeeper to another” while also noting customer demand for the technology.

Miles Suter, Block’s Bitcoin product lead, described stablecoins as a “complementary option for our customers” and reiterated that the company intends to remain Bitcoin-first in design.

Cash App’s process differs from some competitors. One rival shows stablecoin holdings in a separate crypto section; Cash App immediately converts received USDC into dollars, so users do not hold USDC in the app balance.

The company’s terms reference federal stablecoin legislation passed last year and ongoing regulatory attention to digital asset products. The identity verification requirement and transaction limits apply to customers outside New York.

Block has continued to add Bitcoin features while rolling out stablecoin support. In March the company adjusted seller payment settings so some U.S. merchants can receive card sales settled into Bitcoin by default. Block also allows merchants to convert card receipts into Bitcoin automatically.

In a first-quarter proof-of-reserves report, Block disclosed holdings of 28,355 BTC, about $2.2 billion. Auditors confirmed that 19,357 BTC are held on behalf of customers and 8,997 BTC are in corporate treasury.

The USDC transfer feature supports the Ethereum and Solana mainnets and the Polygon and Arbitrum scaling networks. Cash App lists no transfer fees, converts received stablecoins to dollar balances on receipt, excludes New York and requires identity verification for users outside that state.