Block CEO Jack Dorsey has confirmed the payments company will add stablecoin support to its services, marking a significant pragmatic shift from his long-held Bitcoin maximalist position. In an interview with WIRED, Dorsey stated, "I don't like that we're going to support stablecoins but our customers want to use them. I don't think it's wise to go from one gatekeeper to another."
Dorsey has been one of Silicon Valley's most vocal proponents of Bitcoin as the sole open monetary protocol for the internet. Block (formerly Square) has built its crypto strategy almost exclusively around Bitcoin since 2017, including introducing BTC buying/selling on Cash App, receiving a BitLicense, launching a Bitcoin development arm funding Lightning Network developers, and accumulating BTC for its corporate treasury. Block currently holds 8,888.3 BTC, worth over $600 million.
The reluctant pivot comes as stablecoins have grown into a $318 billion market, according to CoinMarketCap data. Payment rivals including Stripe and PayPal have already integrated stablecoin infrastructure, increasing competitive pressure on Block. Cash App announced stablecoin support in November 2025, with a design that automatically converts deposits to U.S. dollars in user balances, maintaining fiat as the core unit of account.
Dorsey's comments contrast sharply with his 2019 response to whether Twitter would join Facebook's Libra project: "Hell no." He clarified Block's philosophy: "We didn't make a push into crypto. We made a push into Bitcoin because I believe the internet needs an open protocol for money transmission... It's not controlled by any one company."
The stablecoin discussion was part of a broader interview focusing on Block's recent decision to cut roughly 40% of its workforce (about 4,000 employees). Dorsey attributed this restructuring to advances in AI tools, specifically citing Anthropic's Opus 4.6 and OpenAI's Codex 5.3. He stated the company is being rebuilt around "an intelligence layer," warning that "Every company that's not building itself as intelligence is going to face something existential."
Block Business Lead Owen Jennings confirmed during the firm's February earnings call that the company is rolling out a new core payment flow connected to its "Moneybot" AI assistant and "built to support stablecoins." Block reported nearly $3 billion in profit last quarter and holds a $39 billion market cap.
