The only thing with cash app is it's not fdic insured... Unless you have their visa card which gives you the fdic protection.
Discussion
Do you really believe the FDIC could cover money if the banks fail?
If one bank maybe, but I know for sure if CashApp failed I would for sure get nothing. This doesn't stop me from using it. But it gives cause to keep fiat set aside at least for good measure. If your a paycheck to paycheck person it doesn't matter anyway.