TLDR
- Square has automatically enabled Bitcoin payments for millions of eligible U.S. small businesses
- Transactions instantly convert to U.S. dollars at checkout, removing price volatility risk for merchants
- Zero processing fees through 2026, with no extra setup required
- Bitcoin payments will be available to all Square merchants by November 10
- Lightspark CEO David Marcus called it a potential “TCP/IP moment” for money
Jack Dorsey’s Square has begun automatically switching on Bitcoin payments for millions of eligible U.S. small businesses. The rollout started Monday and will continue over the coming month.
Connecting the ecosystem with @Square has been the dream since we launched bitcoin in @CashApp in 2018
Starting today, all merchants can now seamlessly stack bitcoin behind the scenes from their daily sales
Bitcoin Payments Acceptance will be live for everyone on November 10 pic.twitter.com/mTqbu8wfGG
— Miles 🌞 (@milessuter) October 8, 2025
Merchants do not need to do anything to activate it. Bitcoin acceptance is now built directly into existing Square payment systems.
When a customer pays in Bitcoin, the merchant receives U.S. dollars by default. This means businesses take on no exposure to Bitcoin’s price swings and do not need to hold or manage crypto.
Square is also offering zero processing fees through 2026. Settlement is near-instant, and no additional account setup is needed.
Miles Suter, Block’s head of Bitcoin product, said the goal is making it easier for “millions of businesses to accept Bitcoin.” He added that this is “how Bitcoin as everyday money begins.”
Jack Dorsey confirmed the rollout with a one-word post on X: “today.”
The feature is currently available to U.S. sellers who meet verification requirements. Businesses based in New York are excluded for now. Full availability across all Square merchants is expected by November 10.
Merchants also have the option to automatically keep, or “stack,” a portion of their Bitcoin from daily sales rather than converting everything to dollars.
How the Bitcoin Payment System Works
Square handles the conversion in the background. Customers pay in Bitcoin, and Square instantly converts it to dollars before settling with the merchant. The business never touches the crypto directly.
This approach removes the two biggest barriers that have kept small businesses away from crypto payments: price volatility and the complexity of holding digital assets.
Block currently holds 8,883 Bitcoin on its balance sheet, ranking it 14th among publicly traded companies by Bitcoin holdings, according to BitcoinTreasuries.net data.
Industry Reaction
Lightspark CEO and former PayPal President David Marcus described the rollout as a potential “TCP/IP moment” for money. He compared it to the early days of internet protocol standardization.
Marcus argued that Bitcoin could become a shared framework for moving value between users and platforms, in the same way TCP/IP became the common standard for moving data across networks.
The move comes as PayPal has separately rolled out its dollar-backed stablecoin, PYUSD, to users across 70 markets. Dorsey has previously expressed skepticism about stablecoins but said Block would support them due to customer demand.
Beyond payments, Bitcoin is also expanding into lending. Coinbase, Kraken, and Nexo have all launched Bitcoin-backed loan products in recent months. U.S. mortgage lender Rate now allows borrowers to use verified crypto holdings to meet underwriting requirements without selling their assets.
Square’s user base is currently 78% U.S.-based and 22% international, according to the company’s latest investor presentation.
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