Square, the payments arm of Block, has started a phased rollout that automatically enables Bitcoin payments at point-of-sale terminals for eligible U.S. sellers. Block’s Bitcoin product lead, Miles Suter, announced the move on X and CEO Jack Dorsey reposted the update. Automatic acceptance is live now for qualifying merchants, with a full rollout expected by Nov. 10.
Eligible sellers across the U.S. who meet verification requirements—excluding businesses based in New York—will have Bitcoin (BTC) payments switched on by default. Customer BTC payments are, by default, converted instantly to U.S. dollars at checkout and settle nearly immediately, so merchants do not need to hold Bitcoin unless they opt in. Merchants who wish to accumulate BTC can choose an automatic “stacking” option to convert daily sales into Bitcoin. Square says the feature will carry no processing fees through 2026.
Block first announced plans to expand Bitcoin payments in May. The company frames the rollout as a way to lower the barriers to digital currency acceptance by removing custody and volatility risks for merchants, making it easier for “millions of businesses” to accept Bitcoin as routine payment currency.
Block is also a significant corporate Bitcoin holder. According to BitcoinTreasuries.net, Block ranks as the 14th-largest publicly traded Bitcoin holder, with 8,883 BTC on its balance sheet at an average cost of $32,939 per coin.
Bitcoin-backed lending expands in crypto and traditional finance
Beyond payments, lenders and financial services are increasingly using Bitcoin as collateral. In January, Nexo launched a zero-interest lending product that lets BTC and Ether (ETH) holders borrow through fixed-term loans with predefined repayment schedules, building on an OTC model that facilitated more than $140 million in borrowing in 2025.
Coinbase has reintroduced Bitcoin-backed loans in the U.S., offering loans up to $100,000 in USDC against BTC held on its platform. Kraken has followed with fixed-rate crypto loans for Pro users, providing borrowing against digital assets at 10%–25% APR for terms up to two years.
Traditional finance is also experimenting with crypto-based underwriting. U.S. mortgage lender Rate launched a program allowing borrowers to use verified cryptocurrency holdings to satisfy mortgage underwriting requirements without liquidating assets. Separately, Coinbase and Better Home & Finance developed a structure that enables borrowers to pledge crypto as collateral for loans used to fund down payments on mortgages that meet Fannie Mae standards.
This report is produced in line with independent editorial standards. Readers are encouraged to verify specific details with primary sources and the companies mentioned.