Block Inc., led by CEO Jack Dorsey, will integrate stablecoin support into its Cash App platform, despite Dorsey’s long-held advocacy for Bitcoin as the primary protocol for internet-based finance. The decision, revealed in a recent interview with WIRED, comes as customer demand for stablecoins increases and competitors like Stripe and PayPal expand their own stablecoin offerings, according to Dorsey.
“I don’t love that we’re going to support stablecoins but our customers want to use them,” Dorsey stated. “I don’t think it’s wise to go from one gatekeeper to another.” This marks a significant shift for Dorsey, a prominent figure in the Bitcoin community, and for Block, which has historically positioned itself as a “Bitcoin-first” company.
Block first introduced Bitcoin buying and selling capabilities within Cash App in 2018, and subsequently secured a BitLicense from New York regulators in 2019. The company further solidified its commitment to Bitcoin by establishing a dedicated Bitcoin development team in 2019 and beginning to accumulate Bitcoin for its corporate treasury in 2020. As of March 7, 2026, Block holds 8,888.3 BTC, currently valued at over $600 million.
The move towards stablecoins reflects a broader trend in the digital payments landscape. Stablecoins, cryptocurrencies designed to maintain a stable value relative to a traditional asset like the U.S. Dollar, have seen a surge in popularity, with a total market capitalization reaching $318 billion, according to CoinMarketCap data. Their increasing use in cryptocurrency markets and for cross-border payments is driving adoption.
Cash App announced in November 2025 that it would add support for stablecoins, making them “interoperable with a customer’s USD cash balance.” Deposits in stablecoins would be instantly converted to U.S. Dollars within user accounts. This initial step signaled a softening of Block’s exclusively Bitcoin-focused strategy.
Dorsey’s initial resistance to stablecoins was evident in 2024, when Facebook (now Meta) was developing its Libra stablecoin project. At the time, Dorsey firmly stated he would not participate in the program, asserting that it was “born out of an intention of a company, and that doesn’t align with what I believe personally or what I want our company to stand for.” He has consistently maintained that Bitcoin’s decentralized nature makes it the superior choice for an open financial protocol.
The decision to support stablecoins also comes amid a period of restructuring at Block. The company recently announced workforce reductions of approximately 40%, citing structural changes driven by artificial intelligence. Although the layoffs have drawn scrutiny, Dorsey, in the WIRED interview, emphasized the impact of AI on the company’s future, stating that these tools are “changing the structure of a company entirely.” He dismissed suggestions that the cuts were primarily aimed at improving cost-to-revenue efficiency, asserting that Block was “already ahead” of its competitors in that regard.
Dorsey declined to elaborate on the specific stablecoins or blockchains Cash App intends to support, stating a preference for a “chain and coin-agnostic” approach, guided by customer demand. However, a Block spokesperson indicated plans to integrate USDC, the second-largest stablecoin by market capitalization, and the Solana blockchain.
