Block's Square introduces Bitcoin payments for U.S. merchants, simplifying adoption with instant USD conversion and no fees until 2026.
Square, the payments platform owned by Block, announced the start of a rollout for Bitcoin payments at point-of-sale terminals for eligible U.S. sellers. The feature was shared by Miles Suter, Bitcoin product lead at Block, and reposted by CEO Jack Dorsey, making it easier for businesses to accept Bitcoin.
Under the new system, Bitcoin payments are automatically enabled for qualifying merchants, with transactions converted instantly to U.S. dollars at checkout. This setup requires no additional configuration and provides near-instant settlement, reducing barriers for adoption.
The rollout is phased and will be available to all eligible Square merchants by November 10. It applies to U.S. sellers that meet verification requirements, but excludes those based in New York, according to Square's website.
Merchant Options and Benefits
Merchants can opt to automatically "stack" Bitcoin from their daily sales, allowing them to hold the cryptocurrency if desired. Through 2026, the feature carries zero processing fees, making it cost-effective for businesses.
Block, which ranks as the 14th-largest publicly traded Bitcoin holder with 8,883 BTC on its balance sheet, outlined this initiative in May to lower volatility and custody risks for merchants. This move supports broader Bitcoin integration in payments.
Beyond Square, other companies are advancing Bitcoin-related financial services. Nexo launched a zero-interest lending product in January, enabling loans against Bitcoin and Ether holdings.
In the same month, Coinbase reintroduced Bitcoin-backed loans in the U.S., allowing users to borrow up to $100,000 in USDC against their BTC. Kraken followed in February with fixed-rate crypto loans for Pro users at 10-25% APR for up to two years.
Traditional finance is also incorporating Bitcoin, with U.S. mortgage lender Rate starting a program in recent months that lets borrowers use verified crypto holdings for mortgage requirements without selling assets. Last week, Coinbase and Better Home & Finance introduced loans backed by crypto for down payments on certain mortgages.