Jack Dorsey’s Cash App will add stablecoin transfer and Bitcoin payment functions

According to Foresight News, according to Fortune magazine, Jack Dorsey’s payment and banking platform Case App announced that it will support users to send and receive stable coins. A spokesperson for Block said that access to the stablecoin will be launched early next year. The spokesperson did not disclose which stablecoins or blockchains Cash App plans to support. He also added that each user will be given a blockchain address associated with their account. Any stablecoins sent to this address will be exchanged for USD within Cash App, while USD sent to the blockchain address from the platform will be exchanged back for stablecoins.

In addition to announcing plans to add stablecoins to Cash App, Block said Thursday that Cash App users will be able to pay merchants using Bitcoin. Users do not need to hold Bitcoin in Cash App. Users only need to scan the QR code of merchants that accept Bitcoin, and the platform will automatically convert the user's cash into Bitcoin and send it to the merchant.

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