Block Inc.’s (XYZ) Square has crossed the threshold of nearly 1 million merchants who can now accept Bitcoin payments.
picture, mentioned and a member of the Block team, it shows the number of subscribers that started on March 30, while Square automatically updated for random BTC payments to eligible US merchants.
At its peak, a new business was launching this segment every eight seconds. Output is controlled by Lightning Networkcreating a near-term rate where traders receive US dollars at random, removing currency risk from the equation.
In other words, customers can pay in Bitcoin through Lightning while merchants still receive USD currency, and the system uses reverse conversion and allows merchants to exit if needed.
Bitcoin as everyday currency
At the Bitcoin Summit in Las Vegas, Block also described the increased push making bitcoin to be used as an everyday currency rather than a long-term investment. Speaking on the Nakamoto Stage, Bitcoin Product Lead Miles Suter said that BTC “should be circulating, not stagnating,” arguing that the cryptocurrency loses its transformative value if it doesn’t function as a peer-to-peer currency.
Suter also highlighted Block’s growth, revealing that at the time there were more than 800,000 Square merchants who now have access to a BTC payment subscription. This number appears to be high According to Suter, a new business drives an image every eight seconds. The company is also launching a BTC-pumping platform for payments using NFC and Lightning Network devices, removing QR codes and offering zero fees until 2026.
The company’s broad strategy oversees the integration of bitcoin across its ecosystem. Cash App users can now convert peer-to-peer payments to BTC, earn 5% Bitcoin Back rewards at Square merchants, and withdraw up to $10,000 per day and $25,000 per week.
Block also introduced a Bitkey hardware wallet that features a touch barrier and 2-of-3 multisig type security designed to reduce tampering.
Along with commercial announcements, Block release its Q1 2026 confirmation of reserves report shows holdings of 28,355.05 BTC worth approximately $2.2 billion.
