Bitcoin Maxi Jack Dorsey Embraces Stablecoin Payments in Cash App—On Solana

Bitcoin the maximalist Jack Dorsey is one of the most sincere defenders of the orange coin.

But his company Cash App will not use the leading crypto network for its new one stablecoin function, instead of installing with Solana– at least to begin with.

Cash App, a unit of Block, on Thursday said that users will soon be able to borrow stablecoins. A company spokesman said Decrypt that the new feature “supports multiple stablecoins and networks” when it becomes available, likely next year.

“For the first time, Cash App will soon provide access to stablecoins, allowing customers to send and receive digital dollars almost anywhere in seconds,” the company added in a statement.

Solana’s public relations team confirmed on X that could feed the payments with USDC on the Cash app. He retweeted a video of USDC issuer Circle CEO and co-founder Jeremy Allaire showing a payout.

Solana is the crypto network behind the sixth largest digital currency by market capitalization, SOL. It is favored for sending stablecoins, minting NFTs, and even playing games because the transactions are fast and cheap. Stablecoins are available on a number of other blockchains, including ethereum, throneand Solana.

Stablecoins are digital tokens pegged to the value of fiat money—typically US dollars. Its use has increased after US President Donald Trump sign up of the GENIUS Act, which established a long-sought regulatory framework for the issuance and trading of cryptocurrencies.

JP Morgan, Meta, Amazon and the US state of Wyoming, among others, have issued or are working on issuing tokens, with the hope of speeding up payments by leveraging the blockchain infrastructure.

Separately, Cash App on Thursday announced new Bitcoin features. The payments app later this month will allow people to send payments using the Lightning Network. Even if users don’t hold Bitcoin, they can select an option so that companies receiving a payment can get BTC instead of dollars.

“Once available, eligible customers will be able to turn their USD into Bitcoin payments with just one tap,” Cash App said in a statement.

“After scanning a Lightning QR code, customers can toggle the ‘Cash’ currency option in the Cash App, which will pull funds from their USD Cash balance. While the customer spends money, merchants will still receive Bitcoin.”

U Lightning Network it allows users to send Bitcoin cheaply and quickly by swinging around the main blockchain.

Dorsey, who founded Twitter – now X – but left the company focuses its energy on Bitcoin products, it has long said that it wants the main cryptocurrency to be used as “everyday money”.

Cash App also unveiled a map feature on Thursday that lets users see which businesses in their area accept Bitcoin. At the beginning of the month, Block activated Bitcoin payments for four million merchants worldwide via its Square point-of-sale products.

“We believe Bitcoin is the future of the financial ecosystem, but to truly become everyday money, it needs to be more flexible and easier to use,” Block’s Bitcoin product manager Miles Suter said in a statement.

He added in a post on X: “The foundation of Cash App 1.0 is already fiat. Stablecoins are just updated fintech rails. Our implementation is chain and currency agnostic.”

“We’re building Cash App v2 on Bitcoin.”