Jack Dorsey’s Block to Support Stablecoins Amid Rising Demand

Block CEO Jack Dorsey says his company will support stablecoins, even though he still believes Bitcoin should serve as the internet’s native financial protocol. In a recent interview with WIRED, Dorsey explained that the decision reflects strong customer demand rather than a shift in his personal views about cryptocurrency.

“I don’t like that we’re going to support stablecoins but our customers want to use them,” Dorsey said, adding that moving from one financial gatekeeper to another may not be the best solution for open digital payments.

The decision represents a pragmatic move from one of Silicon Valley’s most outspoken Bitcoin advocates. For years, Block focused its crypto strategy almost entirely on Bitcoin. The company enabled bitcoin trading on Cash App, secured a BitLicense from New York regulators, and launched initiatives to support Bitcoin development and Lightning Network infrastructure. Block also began adding bitcoin to its corporate treasury in 2020 and now holds approximately 8,888.3 BTC, valued at more than $600 million.

However, stablecoins have grown rapidly across the cryptocurrency ecosystem. Fiat-pegged tokens are widely used in crypto trading, decentralized finance, and cross-border payments. Their combined market capitalization has surged to about $318 billion, according to CoinMarketCap.

Competition in digital payments is also increasing. Major fintech firms like Stripe and PayPal have already integrated stablecoin infrastructure, putting pressure on other platforms to follow suit to retain users and remain competitive.

Block has previously taken cautious steps toward stablecoins. In November last year, Cash App introduced support that allows stablecoin deposits to be automatically converted into U.S. dollar balances.

Despite this shift, Dorsey remains a strong proponent of Bitcoin’s decentralized design as the foundation for an open financial system. He also addressed recent layoffs at Block, noting that advances in artificial intelligence are reshaping how companies operate and structure their workforce.