Cash App Starts USDC Transfers on Ethereum, Solana, Polygon and Arbitrum
Summary
- Cash App said it has launched USDC stablecoin transfers and supports the Ethereum (ETH), Solana (SOL), Polygon (POL) and Arbitrum (ARB) networks.
- Users can send USDC without a separate transfer fee, and received USDC is automatically converted into a U.S. dollar balance.
- The market is watching the spread of stablecoin payment and remittance infrastructure as global fintech companies expand blockchain-based payment features, intensifying stablecoin competition.
Forecast Trend Report by Period
Block Inc.'s Cash App, the payments platform led by Jack Dorsey, has started supporting transfers of the USDC stablecoin. The move comes as major fintech firms expand stablecoin-based payment services.
Crypto media outlet Decrypt reported on May 27 that Cash App now supports USDC transfers on the Ethereum, Solana, Polygon and Arbitrum networks.
Users can send USDC without a separate transfer fee. Cash App automatically converts received USDC into a U.S. dollar balance.
The service is not yet available to users in New York. Users must also complete know-your-customer, or KYC, verification to access the feature.
Stablecoins are spreading rapidly as payment and remittance infrastructure, the report said. Competition in the sector is also intensifying as global fintech companies broaden the rollout of blockchain-based payment features.
