Cash App opened USDC... Block Executive "Absolutely no XRP integration"

▲ XRP/AI-generated image

A Block executive shut down the possibility of XRP integration into Cash App with a single phrase, "absolutely no," drawing a line through the Ripple camp's expectations for expanding its fintech payment network.

According to crypto media outlet U.Today on May 28 (local time), Miles Suter, Bitcoin Product Lead, responded "absolutely no" to a user's question on social media about the possibility of XRP integration into Cash App. This statement came at a time when Cash App began offering free USDC transfer functionality based on Solana (SOL), Ethereum (ETH), Polygon (POL), and Arbitrum (ARB) to its 59 million users.

Block connected this USDC transfer feature to existing dollar balances. Users can send USDC without creating a separate wallet, and all operations are linked to their existing dollar balance within Cash App. Suter explained that stablecoins are not a replacement for money for the company, but rather "improved fiat 1.0" and a technological conduit. The ultimate goal, he stated, is to make Bitcoin the primary currency of the internet.

U.Today interpreted this USDC integration as a 'Trojan horse' to strengthen Block's Bitcoin-centric strategy. The development team also added a toggle feature to automatically convert all incoming USDC to Bitcoin. The structure aims to attract users with the convenience of dollar-based payments while ultimately fostering a trend towards Bitcoin conversion.

Suter's firm statement suggests that there is little room for XRP and the Ripple ecosystem within Block's products. U.Today pointed out that with USDC already serving as a seamless entry point for dollars, Block's choice to add XRP Ledger infrastructure appears excessive from a practical standpoint. The analysis suggests that the company has no clear intention of complicating its interface for a competing blockchain payment network.

However, U.Today added that it is difficult to conclude that Block is completely disconnected from Ripple products. Ripple's RLUSD is entering the market, and there is a possibility that it could be evaluated as a stablecoin comparable to USDC in terms of US regulation and reserve transparency. If RLUSD secures a significant share in the US institutional market in the future and Cash App customers demand liquidity from that system, Block could face pressure to choose between its Bitcoin-centric principles and accepting Ripple assets.

In the fintech industry, the phrase "absolutely no" often holds true only as long as it is economically justified. While Block has strongly ruled out XRP integration for now, stablecoin competition and changes in user demand could once again bring Cash App's choice of payment rails to the market's attention.

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