Cash App rolled out a major update Thursday, introducing Bitcoin Lightning payments and stablecoin transfers to its platform. The enhancements aim to make digital transactions faster, cheaper, and more accessible for millions of users.
The update includes 11 new features and over 150 improvements across banking, Bitcoin, commerce, and peer-to-peer functions, reflecting Cash App’s ongoing commitment to streamlining money movement.
Bitcoin Lightning Payments Enable Instant, Fee-Free Transactions
Eligible Cash App users can now send Bitcoin payments through the Lightning Network, settling transactions in seconds without fees. Users may pay with either Bitcoin or a USD balance after scanning a Lightning QR code, allowing flexible routing without requiring Bitcoin holdings.
Bitcoin Map Connects Users to Merchants Accepting Crypto
The update introduces Bitcoin Map, an in-app directory that helps customers find nearby Square merchants and other businesses accepting Bitcoin. The feature provides store locations, directions, and the ability to pay via Lightning at checkout.
Stablecoin Transfers Set to Launch Soon
Cash App plans to enable eligible users to send and receive dollar-linked stablecoins within the app. This addition will offer a low-friction method for transferring digital dollars alongside Bitcoin, supporting faster and more stable value exchanges.
AI Enhancements and Flexible Banking Benefits
Alongside crypto features, Cash App updated its navigation with AI-driven prompts and introduced a more adaptable benefits program for banking services. These improvements aim to enhance user experience across all transaction types.
Strong Crypto Engagement Supports Expansion
The launch follows Block Inc.’s recent earnings report, which showed nearly $2 billion in Bitcoin revenue during Q3, contributing to $6.11 billion in total revenue and $461.5 million in net income. Cash App’s growing crypto activity continues to drive the company’s financial performance.
Potential Impact on Merchants and Consumers
- Merchants accepting Lightning payments via Square may see increased foot traffic and gain a treasury-friendly option with stablecoin settlements.
- Consumers benefit from near-instant Bitcoin transactions and stablecoin transfers that avoid price volatility.
Favorable Regulatory Environment Supports Growth
The current U.S. administration’s supportive stance toward digital assets adds momentum to Cash App’s crypto initiatives. As transaction volumes rise, the app’s expanded payment rails could strengthen its position among both crypto-curious and crypto-native users.
