Jack Dorsey’s Block will soon support stablecoin payments within its Cash App platform, despite the company’s founder and CEO being a long-standing advocate for Bitcoin as the native protocol for the internet, according to an interview with WIRED published Friday. Dorsey framed the decision as a response to customer demand, stating, “I don’t love that we’ll be supporting stablecoins, but our customers want to use them. I don’t think it’s wise to be a gatekeeper.”
The move represents a pragmatic shift for Dorsey, one of Silicon Valley’s most prominent Bitcoin proponents. For years, Block’s crypto strategy has centered almost exclusively on Bitcoin, with the company developing Bitcoin mining hardware and integrating the asset into Cash App. Cash App first enabled users to buy and sell Bitcoin in 2018, and Block secured a BitLicense from New York regulators the following year. In 2019, Block initiated a Bitcoin development arm and began funding Bitcoin and Lightning Network developers, and in 2020, the company began accumulating Bitcoin for its corporate treasury, currently holding 8,888.3 BTC, valued at over $600 million as of March 7, 2026.
The decision to embrace stablecoins comes as the market for these assets has rapidly expanded. Stablecoins, tokens pegged to the value of fiat currencies, currently have a total market capitalization of $318 billion, according to CoinMarketCap data. They are increasingly used in cryptocurrency markets and for cross-border payments.
Competition in the payments space is intensifying, with companies like Stripe and PayPal already integrating stablecoin infrastructure, potentially increasing pressure on Block to offer similar options to retain users.
What we have is not the first instance of Dorsey and Block reluctantly supporting stablecoins. In November 2025, Cash App announced it would add support for stablecoins, making them “interoperable with the customer’s USD cash balance.” Deposits in stablecoins would be immediately converted to US dollars within user balances, according to the company.
The shift contrasts sharply with Dorsey’s previous stance on stablecoins. In 2024, when Facebook was developing its stablecoin Libra (later abandoned), and the Libra Association that would have supported it, Dorsey firmly stated, “Absolutely not,” to joining the cryptocurrency payment system. At the time, Dorsey argued the project “was born out of the intention of a company, and it’s not consistent with what I believe personally and what I want our company to stand for.” He has consistently maintained that Bitcoin’s decentralized design makes it the superior candidate for an open financial protocol.
The announcement follows a recent restructuring at Block, which saw the company reduce its workforce by approximately 40%, citing structural changes driven by artificial intelligence. Dorsey characterized the layoffs as necessary to adapt to a changing technological landscape, stating in the WIRED interview that AI tools are “presenting a future that completely changes the structure of a company.” He dismissed concerns about over-hiring, asserting that Block was “already ahead” of its competitors in terms of cost and revenue per employee. “I don’t know what the final outcome will be, but I know it will have a dramatic effect,” Dorsey added.
