Block to Embrace Stablecoins Amid Customer Demand, Despite Jack Dorsey’s Bitcoin Preference
Despite his long-held advocacy for Bitcoin, Block CEO Jack Dorsey announced the company will now support stablecoins to meet growing customer demand. The move represents a pragmatic shift for Dorsey, a vocal proponent of Bitcoin as the internet’s native money protocol.
Dorsey’s Reluctance and Customer Demand
In an interview with WIRED, Dorsey acknowledged the decision to support stablecoins wasn’t driven by personal conviction but by the needs of Block’s users. “I don’t like that we’re going to support stablecoins but our customers want to use them,” he stated. “I don’t suppose it’s wise to go from one gatekeeper to another.” Coindesk reported on the announcement March 7, 2026.
A History of Bitcoin Focus
For years, Block (formerly Square) has centered its crypto strategy around Bitcoin. The company has invested in Bitcoin mining hardware development and integrated the asset into its Cash App platform. Block first enabled Bitcoin buying and selling on Cash App and later secured a BitLicense from New York regulators. Further demonstrating its commitment, Block established a Bitcoin development arm in 2019, funding developers working on Bitcoin and the Lightning Network, and began accumulating Bitcoin for its corporate treasury in 2020. As of March 7, 2026, Block holds 8,888.3 BTC, valued at over $600 million. Coindesk
The Rise of Stablecoins and Competitive Pressure
The decision to support stablecoins comes as these assets gain popularity. The total market capitalization of stablecoins has reached $318 billion, according to CoinMarketCap data. Coindesk. Competition from other payment companies, including Stripe and PayPal, which have already integrated stablecoin options, also played a role in Block’s decision.
Previous Stance on Stablecoins
This isn’t the first instance of Block moving towards stablecoin support. In November of last year, Cash App announced interoperability between stablecoins and customer USD balances, instantly converting stablecoin deposits into U.S. Dollars. Binance. However, Dorsey previously expressed strong opposition to stablecoins, notably rejecting Facebook’s Libra project in 2024, stating it wasn’t aligned with his company’s values. Coindesk
AI-Driven Restructuring and Layoffs
The move to support stablecoins follows a recent restructuring at Block, which included a 40% workforce reduction. Dorsey attributed these layoffs to the impact of artificial intelligence (AI) on company structure, stating that AI tools are forcing a shift towards leaner, more agile organizations. Wired. He emphasized that the layoffs weren’t driven by cost-cutting measures, as Block was already performing well compared to its competitors.
Dorsey’s Continued Belief in Bitcoin
Despite embracing stablecoins, Dorsey remains a staunch advocate for Bitcoin’s decentralized model, continuing to view it as the optimal open financial protocol.