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Exclusive: Block's Cash iOS App May Soon Support USDC
Code and this image were found in the latest version of Block's Cash iOS app by TheTapeDrive suggests that the company is working on adding support for the buying and selling of USD Coin (USDC).
The code includes strings such as "The safe, easy way to save your money in USD Coin," "Hold USDC for as little as $1," and "Buy USDC." This suggests that Block is planning to offer a way for Cash users to buy, sell, and hold USDC within the app.
This is not the first time that Block has expressed interest in USDC. In September 2022, the company’s subsidiary TBD, announced a collaboration with Circle to work on standards for USD Coin.
Emily Chiu, TBD's COO said:
The U.S. dollar is the reserve currency today, and we think bitcoin might be the reserve currency of tomorrow. Stablecoins are the bridge in between.
If Block does add support for USDC to Cash, it would be a major step in the company's expansion into the cryptocurrency space. Cash is already one of the most popular mobile payment apps in the world, and adding support for USDC would make it even more attractive to users who are interested in cryptocurrencies.
It is unclear when Block plans to add support for USDC to Cash. However, the code found in the latest version of the app suggests that it could be coming soon.
USDC is a stablecoin, which means that it is pegged to the US dollar. This means that each USDC token is backed by one US dollar, which is held in reserve by Circle, the company that issues USDC.
Stablecoins are popular among cryptocurrency investors because they offer a way to store value without the volatility of other cryptocurrencies.
Block is a financial technology company that was formerly known as Square. The company is best known for its Cash app, which allows users to send and receive money, buy and sell bitcoin, and invest in stocks.
It remains to be seen how Block's plans for USDC will unfold. However, the company's interest in the stablecoin suggests that it is committed to playing a role in the future of cryptocurrency.