Jack Dorsey’s Shift on Stablecoins
Jack Dorsey, co-founder and CEO of Block Inc. and a long-time supporter of Bitcoin, has reluctantly acknowledged the growing interest in stablecoins among the company’s clientele. In an interview with Wired, he expressed his discomfort with this shift, stating,
“I don’t like that we’re going to support stablecoins, but our customers want to use them.”
This marks a notable change for Dorsey, who has always prioritized Bitcoin, the original and most significant cryptocurrency in terms of market capitalization.
Dorsey’s Admiration for Bitcoin
Dorsey is known for his profound admiration for Bitcoin, even likening its foundational white paper to “poetry”. In a prior discussion with Lex Friedman, a research scientist at MIT, he shared feelings of reassurance about Bitcoin’s pseudonymous creator, Satoshi Nakamoto, believing that the choice of a pseudonym over a real identity adds a sense of humanity to the cryptocurrency’s creation. Dorsey had previously established the Crypto Open Patent Alliance in 2020, which actively challenged the claims of computer scientist Craig Wright, who falsely asserted he was Nakamoto.
Block’s Commitment to Bitcoin
Nevertheless, in his latest remarks, Dorsey was careful to clarify that while Block is now considering stablecoins due to customer demand, the company’s loyalty remains with Bitcoin specifically, as he feels it is essential for the internet to have an open protocol for money transmission. The company’s integrations with Bitcoin include:
- Facilitating buying and selling via Cash App
- Enabling Bitcoin payments at Square merchant locations
- The development of hardware wallets alongside modular mining systems
Impact of AI on Employment
The mention of stablecoins likely stems from a statement made by Owen Jennings, Block’s Business Lead, during an earnings call in February, in which he discussed the rollout of a new core payment flow connected to “Moneybot,” Block’s AI assistant within Cash App. Launched in late 2025, Moneybot is designed to provide contextual recommendations and insights based on user activity in the app. However, the implementation of such intelligent systems has led to significant job reductions, with around 4,000 positions, equating to 40% of the workforce, being eliminated as announced earlier this year.
In a communication to employees shared on social media platform X, Dorsey remarked,
“Intelligence tools have changed what it means to build and run a company. A significantly smaller team, using the tools we’re building, can do more and do it better.”
