Block just dropped stablecoins on 60 million Cash App users — long SQ and Mastercard on the crypto-everywhere wave
Block (the company behind Cash App and Square) is rolling out a stablecoin — a crypto token pegged to the dollar — to its 60 million Cash App users. At the same time, Mastercard just got regulatory approval in New York to offer crypto services. Both moves signal that mainstream financial companies are going all-in on crypto payments.
Idea
Block putting stablecoins in the hands of 60 million everyday Cash App users is one of the biggest mainstream crypto adoption moments we have seen. Stablecoins let people hold and send dollar-pegged crypto instantly and cheaply, which could supercharge Cash App's engagement and revenue per user. Mastercard landing a New York BitLicense on the same day is no coincidence — the regulatory environment is clearly warming up for established payment companies entering crypto. Together these two stocks represent a fintech-plus-crypto convergence play. The thesis is that real adoption by household-name companies, not speculation, is what drives sustainable upside in this space.