Block CEO Jack Dorsey has confirmed that the company will begin supporting stablecoins, a notable shift from his previous stance advocating Bitcoin as the primary digital currency. In an interview with WIRED, Dorsey attributed this decision to customer demand rather than a change in his personal beliefs about cryptocurrency.
“I don’t like that we’re going to support stablecoins but our customers want to use them,” Dorsey stated. He expressed concerns about transitioning from one form of centralized control to another, emphasizing the need to respond to user preferences.
This development marks a pragmatic adjustment for Dorsey, who has long championed Bitcoin as the internet’s native money protocol. Over the years, he has focused Block’s cryptocurrency strategy solely on Bitcoin, including investments in mining hardware and the integration of Bitcoin into the Cash App platform.
Block first enabled users to buy and sell Bitcoin through Cash App and received a BitLicense from New York regulators shortly thereafter. In 2019, the company established a Bitcoin development division and began funding developers working on Bitcoin and the Lightning Network. By 2020, Block had started accumulating Bitcoin for its corporate treasury, currently holding approximately 8,888.3 BTC, valued at over $600 million.
The rise of stablecoins has been significant, with fiat-pegged tokens achieving a market capitalization of $318 billion, according to CoinMarketCap. This growth has intensified competition in the payments sector, with companies such as Stripe and PayPal already incorporating stablecoin functionalities. Dorsey did not specifically mention these competitors during the interview, but their actions have likely influenced Block’s decision.
This is not the first instance where Block has embraced stablecoins. In November 2025, Cash App announced it would support stablecoins, allowing for their integration with users’ USD cash balances. This move was particularly noteworthy given Dorsey’s previous rejection of Facebook’s Libra project in 2024, where he expressed strong opposition to the initiative, citing a fundamental disagreement with its corporate-driven nature.
Despite his reservations about stablecoins, Dorsey continues to advocate for Bitcoin’s decentralized framework, arguing it is best suited for an open financial system. His recent comments follow a significant workforce reduction at Block, with approximately 40% of staff laid off due to structural changes influenced by advancements in artificial intelligence. Dorsey addressed the layoffs, insisting they were not a response to financial metrics but rather a necessary adjustment in light of evolving company dynamics.
In the interview, he remarked, “These [AI] tools are presenting a future that entirely changes how a company is structured,” indicating that the implications of AI on business operations are profound and far-reaching. Dorsey acknowledged the uncertainty surrounding the ultimate outcomes of these changes but affirmed their potential to significantly reshape the industry.
Block CEO Jack Dorsey has announced the company's support for stablecoins, citing customer demand as the driving factor behind this decision. This marks a significant shift in Dorsey's stance on cryptocurrency, as he has historically championed Bitcoin as the primary digital currency.