Square Auto-Enables Bitcoin Payments for Millions of U.S. Small Businesses

Square, the payments arm owned by Jack Dorsey's Block (XYZ), said Monday it has started automatically turning on bitcoin payments for millions of eligible U.S. small businesses, one of the company's most forceful moves yet to bring crypto into everyday commerce. Square said sellers can now accept bitcoin with no additional setup, with purchases converted instantly into U.S. dollars at checkout. The company added that merchants will get near-instant settlement and pay zero processing fees through 2026. "Automatically enabled bitcoin payments are rolling out to eligible U.S. Square sellers," Square said in a post on X. "Start accepting bitcoin that instantly converts to cash at checkout, with no additional setup." The launch builds on Square's recently announced "Square Bitcoin" initiative and marks a shift in distribution: bitcoin acceptance is being embedded directly into existing payment rails rather than requiring merchants to opt in. Square has previously said merchants who take bitcoin for goods and services will receive U.S. dollars by default, limiting exposure to price swings and avoiding custody or accounting changes. Block's head of bitcoin product, Miles Suter, wrote on X: "we're making it easier for millions of businesses to accept bitcoin. This is how bitcoin as everyday money begins." Dorsey confirmed the rollout with a brief "today" reply on X. The move lands as PayPal expands distribution of its U.S. dollar-backed stablecoin, PYUSD, to tens of thousands of users across 70 markets. The contrast also highlights Dorsey's long-standing skepticism toward stablecoins. While he has repeatedly criticized them, he recently said Block would support USD-pegged tokens in response to rising customer demand. Square's latest investor presentation shows its user base is 78% U.S. and 22% international. In a separate X post, Suter called "bitcoin as everyday money" a long-term effort for Block and the broader market, adding there are still many steps and pieces needed to make it work "the right way, and sustainably." Square's design reflects a broader industry push to hide crypto complexity by handling conversion behind the scenes. By defaulting settlement to fiat, Square lowers the bar for small businesses that have historically avoided crypto. The rollout drew attention from industry figures, including Lightspark CEO and former PayPal president David Marcus, who called it a potential "TCP/IP moment" for money. Marcus said enabling bitcoin payments at scale could echo how the early standardization of Transmission Control Protocol/Internet Protocol (TCP/IP) became foundational to the internet, positioning bitcoin as a common layer for transferring value across systems. Square's integration could materially expand bitcoin's real-world payment footprint by placing it inside tools already used by millions of small businesses for payments, inventory and payroll, rather than aiming only at crypto-native users. Read more: Stablecoin payments go 'invisible' in Southeast Asia as crypto card business surges