SS #104 - Cash App Adds USDC Across Four Chains

📢 Sponsor | 💡 Telegram | 📰 Past Editions

Good morning.

Cash App just handed 59M users frictionless USDC access across four chains with no fees and no wallet setup, a distribution unlock that quietly signals stablecoin rails have crossed from crypto-native infrastructure into mainstream consumer finance.

Enjoy the read!

Let us know what sort of coverage you would like to see from the new publication.

If you know anybody who would benefit from this content, please help us spread the word!

In Today's Edition:

• Headline: Cash App Adds USDC Across Four Chains

• Quick Bites: Stablecoin Value Exceeds the FX Reserves of 95 Nations

• Yield of the Week: PT apyUSD's 16.15% APY

You read and share. We listen and improve. Send us feedback at [email protected].

HEADLINE

State of play: Block's Cash App quietly broke its Bitcoin-only mold, enabling 59M monthly users to send and receive USDC across Solana, Ethereum, Polygon, and Arbitrum with no fees, no separate wallet, and no extra setup.

• Transfers run directly from users' existing USD balance, removing the typical friction of managing multiple chains or wallets.

• The move is notable given Block's Bitcoin-maximalist identity, with co-founder Jack Dorsey publicly focused on Bitcoin as internet-native money and products like Bitkey and Proto reinforcing that positioning.

• Bitcoin Product Lead Miles Suter framed USDC as a bridge between fiat and Bitcoin, not a competing priority, calling Bitcoin "Money 2.0" and stablecoins the path between legacy finance and it.

What’s Next: Whether USDC can hold ground against Tether as Visa, Mastercard, and Cash App all expand stablecoin rails simultaneously.

Why it Matters: 59M users getting stablecoin access through an app they already use is a bigger distribution unlock than any crypto-native product launch.

Our Take: Adding USDC while calling Bitcoin the endgame is a pragmatic hedge, stablecoin rails drive revenue today even if the long-term bet stays on BTC.

QUICK BITES

• UK sanctions Huobi and ruble stablecoin issuer.

• SoFi rolls out SoFiUSD stablecoin to banking app users.

• Mastercard secures New York BitLicense to support stablecoin.

• Falcon Finance taps Anchorage to issue new GENIUS-compliant stablecoin.

• Circle partners with Nium to connect USDC settlement to global payout rails.

• At $322B, the stablecoin market value exceeds the FX reserves of 95 nations.

• Cash App lets users send USDC stablecoins on chains like Solana and Ethereum.

YIELD OF THE WEEK

PT apyUSD (apxUSD): 16.15% APY

• The market accepts apyUSD deposits and provides fixed-yield exposure to Apyx's yield-bearing stablecoin backed by DAT preferred share dividends, maturing November 5, 2026, while also earning 52x APYX Pips points.

• Capital is deployed into Apyx's vault with no leverage or rehypothecation, where 1 apyUSD converts to 1.37143 apxUSD at maturity via continuous exchange rate appreciation.

• Yield is generated from DAT preferred share dividends streamed on-chain into the vault, with the PT locking in a fixed 16.15% APY while YT holders capture remaining variable yield and points.

reUSDe/USDe LP: 16.75% APY

• The pool accepts reUSDe deposits and provides liquidity for re.xyz's insurance-backed yield token, maturing June 25, 2026, with ~$5.37M in pool liquidity and also earning 5x Sats and 30x Re points for KYC-verified users.

• Capital is split across reUSDe SY (~$2.97M, 55.38%) and PT reUSDe (~$2.39M, 44.62%), earning a blended yield from underlying yield, PT yield, and Pendle LP fees plus 42.33 daily PENDLE rewards.

• Yield is generated from re.xyz's insurance underwriting activity, with LP APY composed of 8.13% underlying yield, 8.00% PT yield, and 0.36% Pendle LP fees, alongside 42.33 daily PENDLE rewards.

msUSD-frxUSD LP: 15.0% APY

• The vault accepts frxUSD/msUSD Curve LP token deposits and automatically compounds trading fees and CRV emissions from the frxUSD/msUSD Curve pool, with ~$1.31M in TVL and a 30-day APY of 16.7%.

• Capital is fully deployed into the CurveBoostedFactory-FrxMsUSD strategy at 100% allocation, earning boosted CRV rewards through Curve's gauge system on the frxUSD/msUSD stable pair.

• Yield is generated from Curve trading fees and CRV gauge emissions, compounding automatically through share price appreciation at 15.0% APY, net of a 10% performance fee and 0% management fee.

If you enjoy reading this issue, please consider subscribing. It takes 1 minute of your time, but it would mean the world to us 🙇

Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.