Block (NYSE: $XYZ) is enabling automatic Bitcoin (CRYPTO: $BTC) payments for millions of U.S. businesses.
The company led by entrepreneur Jack Dorsey said the move marks an aggressive effort to integrate cryptocurrencies into mainstream finance.
Companies that use Block subsidiary Square can now send and receive Bitcoin with no additional set-up requirements, and with transactions instantly converted into U.S. dollars.
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The new crypto payment feature includes near-instant settlement and zero processing fees through 2026, said Block on social media.
Block said the new payments feature builds on its “Square Bitcoin” initiative but is unique in that BTC acceptance is now being integrated directly into existing payment systems.
Going forward, Bitcoin payments do not need merchants to activate them.
Merchants who accept Bitcoin will receive U.S. dollars by default, removing exposure to price volatility and eliminating the need for custody or accounting changes, said Block.
The move by Block comes after rival PayPal (NASDAQ: $PYPL) recently rolled out its U.S. dollar-backed stablecoin, PYUSD, to tens of thousands of its users worldwide.
Dorsey has expressed aversion to stablecoins, though he recently said his company would support U.S. dollar-pegged digital tokens due to increasing customer demand.
XYZ stock has risen 5% over the past 12 months to trade at $56.75 U.S. per share.
