Block Inc.’s mobile app now enables fiat transfers over the Lightning Network.
Cash App has introduced a new feature that allows users to make transactions in U.S. dollars using the Lightning Network infrastructure, without the need to hold bitcoin in their own wallet.
The feature enables users to send traditional currency from their available balance, which is automatically converted and transferred as bitcoin to the recipient’s wallet. This functionality mirrors that of Strike, which lets users spend USD, EUR, GBP, AUD, and USDT over the Lightning Network.
Users can now freely choose whether to complete a transaction using their existing bitcoin balance or their fiat balance. Merchants will be able to receive bitcoin via the Lightning Network, while customers pay directly from their dollar balance.
Payment options include USD to USD, BTC to BTC, BTC to USD, or USD to BTC – all powered by the Lightning Network. As part of a broader update, the app will also allow users to send and receive stablecoins.
The service will primarily be available in the United States, although the app is already approved and operational in the United Kingdom.
Earlier this week, Square rolled out bitcoin payments for U.S. merchants, allowing roughly four million sellers to accept BTC through their terminals with no processing fees until 2027.
