Block's Square Introduces Bitcoin Payment Capability at Point-of-Sale for Qualified American Retailers
In a phased deployment spanning the next month, a Block executive announced that Bitcoin transactions at checkout terminals will be activated automatically with default settlement occurring in US dollars.
Block's Square payments platform has initiated the deployment of Bitcoin payment functionality across its point-of-sale systems for qualified merchants operating in the United States, with this automated capability launching today as part of a gradual implementation scheduled to complete within the next month.
The news was made public on Monday through a message posted on X by Miles Suter, who serves as Bitcoin product lead at Block, and subsequently shared by CEO Jack Dorsey, a well-known Bitcoin advocate.
According to Suter, the capability has been engineered to simplify Bitcoin acceptance for "millions of businesses," noting that qualified US merchants will find the payment option automatically activated and will be credited in US dollars by default whenever customers complete transactions using Bitcoin (BTC). Additionally, merchants retain the ability to automatically "stack" Bitcoin derived from their daily sales revenue.
Suter characterized this development as progress toward utilizing "Bitcoin as everyday money." The Bitcoin payment acceptance functionality is anticipated to reach full availability across all Square merchant accounts by Nov. 10.
In an additional announcement, Square indicated that payment transactions will undergo instantaneous conversion to cash during checkout, necessitate no extra configuration steps, and provide near-immediate settlement capabilities. The payment platform further clarified that merchants are not required to maintain Bitcoin holdings and that the functionality will include zero processing fees through the end of 2026.
Based on information available on Square's official website, this feature is presently accessible to merchants operating within the United States who satisfy verification criteria, with the exception of commercial entities located in New York.
This deployment, which has the potential to reduce obstacles to Bitcoin payment adoption by eliminating volatility exposure and custody concerns for millions of retail businesses, was initially announced by Block in May.
Data from BitcoinTreasuries.net indicates that Block holds the position of 14th-largest publicly traded corporate Bitcoin holder, maintaining 8,883 BTC on its corporate balance sheet at an average acquisition cost of $32,939 per coin.
Bitcoin-backed lending grows across crypto and traditional finance
In addition to its applications in payments and its function as a store of value, Bitcoin is experiencing increased adoption within lending services and the broader financial infrastructure ecosystem.
During January, Nexo unveiled a zero-interest lending solution that enables Bitcoin and Ether (ETH) holders to obtain loans collateralized by their digital assets through fixed-term arrangements with predetermined repayment structures.
This product expands upon a structured lending model that was previously accessible exclusively through its private and OTC distribution channels, which according to company data facilitated in excess of $140 million in total borrowing volume throughout 2025.
Within the same month, Coinbase relaunched its Bitcoin-backed lending services in the United States, providing users with the ability to borrow as much as $100,000 in USDC using BTC maintained on the platform as collateral, and during February, Kraken introduced fixed-rate cryptocurrency loans designed for Pro users, enabling borrowing against digital assets at annual percentage rates ranging from 10%–25% APR for loan periods extending up to two years.
The traditional finance sector is also starting to integrate Bitcoin and cryptocurrency-backed credit facilities. Rate, a US mortgage lending institution, recently introduced a program that permits borrowers to utilize verified cryptocurrency asset holdings to satisfy mortgage underwriting requirements without the need to liquidate their digital assets.
During the previous week, Coinbase partnered with Better Home & Finance to establish a framework that enables borrowers to pledge cryptocurrency as loan collateral for financing down payments on mortgages that comply with Fannie Mae standards.