Jack Dorsey, the founder and former CEO of Twitter (now X), and long one of Silicon Valley’s most outspoken Bitcoin maximalists, says his company Block will support stablecoins even though he personally remains skeptical of them.
Speaking in an interview with WIRED, Dorsey acknowledged that the shift reflects user demand rather than a change in philosophy. For years, he has argued that Bitcoin should serve as the internet’s native monetary protocol.
But with stablecoins rapidly expanding across payments and crypto markets, Block now sees little choice but to accommodate them.
“I don’t like that we’re going to support stablecoins but our customers want to use them,” Dorsey said, warning that replacing traditional financial gatekeepers with centralized stablecoin issuers may not be an improvement.
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The move marks a notable shift for Dorsey who has spent years positioning Block’s crypto strategy squarely around Bitcoin. The company integrated Bitcoin trading into Cash App early on and later launched initiatives to fund Bitcoin mining, Bitcoin development, and support the Lightning Network ecosystem.
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Jack once said that if he weren’t working on other projects, he would be devoted to working on Bitcoin.
Block has also accumulated Bitcoin on its corporate balance sheet. The firm currently holds about 8,888 BTC, valued at more than $600 million, reinforcing its long-standing commitment to the asset.
Despite this Bitcoin-first approach, the broader market has increasingly embraced stablecoins as a key piece of crypto infrastructure.
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Stablecoin Momentum Forces the Issue
Stablecoins, which are tokens pegged to fiat currencies such as the U.S. dollar, have grown into a massive segment of the digital asset economy. Their combined market capitalization has reached roughly $318 billion reflecting widespread use in trading, cross-border payments, and decentralized finance.
At the same time, major payment firms like Stripe and PayPal have already integrated stablecoin capabilities into their platforms. This growing adoption has increased pressure on companies like Block to offer similar functionality in order to stay competitive.
Cash App has already taken initial steps in this direction. Last year the platform introduced support for stablecoin deposits that can be instantly converted into U.S. dollars in users’ balances, effectively linking stablecoin infrastructure to its traditional payment system.
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Dorsey Still Believes Bitcoin Wins
Despite the shift, Dorsey maintains that Bitcoin’s decentralized architecture makes it the strongest candidate to serve as an open financial protocol for the internet.
His reluctance toward stablecoins is not new. Back in 2019, when Facebook proposed its Libra stablecoin project, Dorsey publicly rejected the initiative saying it did not align with his vision for an open financial system.
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Today, the stance remains largely unchanged even as market realities push Block to integrate the very instruments he once dismissed.
Dorsey’s comments came as Block navigates broader changes inside the company. The firm recently cut about 40% of its workforce, a move Dorsey attributed to structural shifts driven by artificial intelligence.
He said new AI tools are fundamentally changing how companies operate and could reshape organizational structures across the tech industry.
While layoffs sparked debate about whether the company had expanded too quickly, Dorsey argued the decision was about adapting to a rapidly evolving technological environment.
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