Cash App has introduced fee-free USDC stablecoin transactions on Ethereum, Solana, Polygon, and Arbitrum while automatically converting incoming holdings to USD balances. The expansion broadens Block's payments offerings beyond its longstanding Bitcoin focus despite CEO Jack Dorsey's past criticism of stablecoins as shifting power from one gatekeeper to another.
Unlike some competitors, stablecoins received by Cash App users are automatically converted into dollars, represented as standard balances.
Dorsey critiqued stablecoins earlier this year as shifting “from one gatekeeper to another,” while acquiescing that the technology has seen growing demand from customers.
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Citi and Coinbase launched a stablecoin integration that hides all crypto elements from business users. Bitcoin ETFs recorded modest inflows while Strategy added 1,665 BTC to reach record holdings.
SoFi has begun settling its card program with Mastercard using SoFiUSD, targeting more than $25 billion in expected annualized volume after migration. The change provides faster onchain settlement while leaving consumer cards and merchant systems unchanged.
Bitmine Immersion Technologies purchased 28,086 ETH last week, reaching 97% of its goal to hold 5% of Ether's supply with 5.93 million ETH now in treasury. The move comes as the company reports $15.7 billion in assets and $330 million in annualized staking revenue but faces a $5.1 billion unrealized loss on its holdings.
Goldman Sachs agreed to acquire NEOS Investments for up to $2.25 billion, adding three crypto-income ETFs that use derivatives rather than direct holdings. The deal expands Goldman's active ETF business to roughly $80 billion and is expected to close in Q1 2027 pending regulatory approval.
Sony Bank received preliminary conditional OCC approval to form Connectia Trust, a New York-based subsidiary capitalized with $40 million to manage dollar-denominated stablecoins. The approval arrives as stablecoin transaction volumes hit a record $1.79 trillion last month, intensifying competition in a market dominated by USDT and USDC.
