Jack Dorsey, the CEO and co-founder of Block Inc., has recently revealed a reluctant acceptance of stablecoins, acknowledging that customer demand is steering the company in this direction. In a conversation with Wired, Dorsey expressed his reservations, stating, “I don’t like that we’re going to support stablecoins, but our customers want to use them.” He echoed concerns about transitioning from one gatekeeper to another in the financial landscape.
Dorsey’s growing inclination towards stablecoins marks a shift from his staunch support for Bitcoin, the cryptocurrency he has often hailed as the epitome of financial decentralization. Describing the Bitcoin white paper as akin to poetry, Dorsey has remained a fervent advocate for the original cryptocurrency. He has articulated admiration for Bitcoin’s creator, Satoshi Nakamoto, noting the significance of Nakamoto’s pseudonymous identity, which he believes adds a layer of humanity to the invention.
In 2020, he founded the Crypto Open Patent Alliance, a move that ultimately led to a legal victory against Craig Wright, who has falsely claimed to be Nakamoto. Dorsey reiterated Block’s commitment to Bitcoin, clarifying that the company aligns itself with Bitcoin specifically, as he believes in the necessity of an open internet protocol for money transmission.
Block has actively integrated Bitcoin into its services, allowing users to buy and sell Bitcoin through its Cash App, facilitating Bitcoin payments via Square, and developing a hardware wallet and mining rigs. The discussion around stablecoins was hinted at by Owen Jennings, Block’s Business Lead, during a previous earnings call. Jennings mentioned that Block is working on enhancing its core payment flow, which will accommodate stablecoin transactions alongside other features.
Block also introduced Moneybot, an AI-driven assistant within Cash App, aimed at delivering personalized insights and actionable recommendations based on user interactions. Launched in late 2025, Moneybot represents a significant technological advancement for the company.
However, this technological evolution has not been without consequence. The introduction of this AI assistant has led to a substantial workforce reduction, with reports indicating a loss of around 4,000 jobs, or 40% of Block’s staff. Dorsey addressed this transition in a letter to employees, emphasizing that the new intelligence tools have transformed company operations. He noted that a smaller team could leverage innovative tools to achieve more effective outcomes.
As Block navigates this duality of embracing stablecoins while advocating for Bitcoin, the company is poised to redefine its position in a rapidly evolving financial ecosystem.
