- Cash App will introduce stablecoin transfers next year using Solana first, despite Jack Dorsey’s reputation as a strong Bitcoin supporter.
- Solana will handle USDC payments, while Cash App simultaneously expands its Bitcoin features, including Lightning support and merchant-mapping tools.
- Analysts say the Solana integration may boost trader attention toward the network’s speed and cost profile, encouraging strategies spanning both Bitcoin and Solana.
Despite Jack Dorsey’s long-standing advocacy of Bitcoin, his company Cash App is preparing to roll out stablecoin transfers that will initially run on Solana rather than the Bitcoin blockchain. The new tool is expected some time next year, with the company stating it intends to support a variety of stablecoins and networks once the system is fully released. Cash App said the feature will, for the first time, give customers the ability to move digital dollars almost instantly.
Solana confirmed it will support USDC payments for Cash App and reposted a video demonstrating the process. The network is known for fast, low-cost transactions and is heavily used for token transfers, NFT activity and blockchain gaming.
While Ethereum and Tron also host stablecoins, Solana is a leading option for rapid settlement. Stablecoins, which mirror the value of fiat currencies like the US dollar, have grown in use following the GENIUS Act’s introduction of a regulatory framework in the United States.
Related: Visa Pilots USDC Payouts, Bringing Instant Global Payments to Freelancers and Creators
Lightning Network Support Arrives Next
Cash App has also detailed new developments for Bitcoin users. Later this month, the company plans to support Lightning Network payments, enabling customers to spend USD while merchants receive Bitcoin even if the payer does not hold BTC. After scanning a Lightning QR code, users will be able to switch their funding option within the app, converting a USD balance into a Lightning payment pathway. The Lightning Network functions as an overlay that allows faster and cheaper Bitcoin transfers than the main chain.
Dorsey has repeatedly asserted that Bitcoin should serve as everyday currency. Cash App has added a map showing nearby merchants that accept Bitcoin, aligning with Block’s move to let four million sellers worldwide take BTC through Square’s point-of-sale systems. Block’s Bitcoin Product Lead said Bitcoin must become more flexible for daily use and described stablecoins as improved fintech rails, emphasising that Cash App remains coin-agnostic.
Market watchers note that the Solana integration could increase interest in the network’s speed and low costs, factors traders assess when analysing SOL activity. Similar announcements have previously triggered trading-volume spikes, indicating strong adoption responses. Analysts also expect the development to encourage trading approaches that connect Bitcoin and Solana ecosystems as cross-chain use expands.
Related: Bitcoin User Accidentally Pays US$105K Fee to Send Just US$10
Credit: Source link
