Financial technology firm Block (NYSE: $XYZ) has begun a phased rollout of its new stablecoin payment feature.
The company led by CEO Jack Dorsey said that is Cash App has started rolling out its stablecoin payment feature to users.
So far, the stablecoin payment is available to 25% of Cash App’s nearly 60 million users, with plans to reach 100% of users by the start of June.
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Block is making it possible for Cash App users to make payments with stablecoins as the market value of those digital assets hits a record $322 billion U.S.
Stablecoins have now surpassed the foreign exchange reserves of 95 countries, including the United Kingdom (U.K.) and Canada.
Stablecoins are cryptocurrencies whose value is pegged to another asset, typically the U.S. dollar.
The new stablecoin payment method was first announced on Block’s Cash App website late last year, saying it would be available in 2026.
Block is treating stablecoins as a payment method only rather than as an investment.
Users can deposit Circle’s (NYSE: $CRCL) USDC (CRYPTO: $USDC) stablecoins from external accounts to fund their Cash App balance or withdraw funds as stablecoins and send them to external bank accounts.
To start, Cash App users face caps of $2,000 U.S. daily ($5,000 U.S. weekly) in sending limits, and a $10,000 U.S. weekly receiving limit in the USDC stablecoin.
XYZ stock has risen 15% in the past 12 months to trade at $71.30 U.S. per share.