Square, Block’s payments business, has begun a phased rollout enabling Bitcoin payments at point-of-sale terminals for eligible US sellers, with automatic acceptance going live today and a full rollout expected by Nov. 10. Miles Suter, Block’s Bitcoin product lead, announced the move on X, and CEO Jack Dorsey reposted the update.
Eligible US sellers who meet verification requirements (excluding New York–based businesses) will have Bitcoin payments automatically enabled. By default, customer Bitcoin (BTC) payments will convert instantly to US dollars at checkout, require no additional setup, and settle nearly instantly. Merchants will not need to hold Bitcoin but can opt to automatically “stack” Bitcoin from daily sales. Square said the feature will carry zero processing fees through 2026.
Block first outlined plans for expanded Bitcoin payments in May. The rollout aims to lower barriers to Bitcoin acceptance by removing custody and volatility risk for merchants while making it easier for “millions of businesses” to accept Bitcoin as everyday money.
Block is also a notable Bitcoin holder: data from BitcoinTreasuries.net lists Block as the 14th-largest publicly traded Bitcoin holder, with 8,883 BTC at an average cost of $32,939 per coin.
Bitcoin-backed lending grows across crypto and traditional finance
Beyond payments, Bitcoin is increasingly used as collateral across lending and financial infrastructure. In January, Nexo launched a zero-interest lending product allowing BTC and Ether (ETH) holders to borrow via fixed-term loans with predefined repayment terms—building on an OTC model that facilitated over $140 million in borrowing in 2025.
Coinbase reintroduced Bitcoin-backed loans in the United States, offering users loans up to $100,000 in USDC against BTC held on the platform. Kraken followed with fixed-rate crypto loans for Pro users, offering borrowing against digital assets at 10%–25% APR for terms up to two years.
Traditional finance is also incorporating crypto holdings. US mortgage lender Rate launched a program allowing borrowers to use verified cryptocurrency holdings to meet mortgage underwriting requirements without liquidating assets. Separately, Coinbase and Better Home & Finance introduced a structure enabling borrowers to pledge crypto as collateral for loans used to fund down payments on Fannie Mae–compliant mortgages.
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