Bitcoin Maxi Jack Dorsey embraces stablecoin payments with Cash App – with Solana

Bitcoin Maximalist Jack Dorsey is one of Orange Coin’s most outspoken supporters.

However, his company Cash App has no plans to use the new cryptocurrency network. stable coin Rather than a function, solve it like this: Solana— at least at first.

Block-owned Cash App said Thursday that users will soon be able to send stablecoins. A company spokesperson said: decryption The new features will likely be available next year and will “support multiple stablecoins and networks.”

“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 Public Relations Team Confirmed X powers payments USDC In the cash app. Jeremy Allaire, CEO and co-founder of USDC issuer Circle, retweeted a video demonstrating the payment.

Solana is the crypto network behind the sixth largest digital coin by market capitalization. sol. Because transactions are fast and cheap, it is preferred for sending stablecoins, minting NFTs, and even playing games. Stablecoins are available on many other blockchains including: Ethereum, tronSolana.

Stablecoins are digital tokens that are pegged to the value of a fiat currency (usually the US dollar). Its use increased after U.S. President Donald Trump took office. sign The GENIUS Act establishes a long-awaited regulatory framework for the issuance and trading of virtual currencies.

JPMorgan, Meta, Amazon, the US state of Wyoming and others have issued or are working on issuing tokens in hopes of leveraging blockchain infrastructure to accelerate payments.

Separately, Thursday Cash App We announced new features for Bitcoin. Later this month, the payments app will allow you to send payments using the Lightning Network. Even if a user does not hold Bitcoin, the company receiving the payment will have the option to accept Bitcoin instead of dollars.

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

“After scanning a Lightning QR code, customers can toggle the ‘Cash’ currency option within Cash App. This will withdraw funds from their USD Cash balance. Merchants will continue to receive Bitcoin while customers spend dollars.”

The Lightning Network allows users to send Bitcoin cheaply and quickly, bypassing the main blockchain.

Mr. Dorsey founded Twitter (now X), left The company says it is committed to Bitcoin products, but has long said it wants the leading cryptocurrency to be used as “everyday money.”

Cash App also announced Thursday a maps feature that allows users to see which businesses in their area accept Bitcoin. Earlier this month, Block valid Four million merchants around the world now pay with Bitcoin through Square’s POS products.

“We believe Bitcoin is the future of the financial ecosystem, but in order to truly become everyday money, it needs to become more flexible and easier to use,” Miles Souter, head of Bitcoin products at Block, said in a statement.

he added Posted by X: “The foundation of Cash App 1.0 is already fiat. Stablecoins are just an upgrade to the rails of fintech. Our implementation is chain and coin agnostic.”

“We are building Cash App v2 on top of Bitcoin.”