Block CEO Jack Dorsey said he is not a fan of stablecoins but confirmed the company will support them in Cash App because customers increasingly want to use them for payments.
Dorsey told Wired that adding stablecoins represents a compromise with user demand despite his longstanding commitment to Bitcoin as the preferred open protocol for internet-based money.
“I don't like that we're going to support stablecoins, but our customers want to use them,”
Dorsey said, adding that he worries the model moves users “from one gatekeeper to another.”
Payments firm Block has already integrated Bitcoin trading and payments across its ecosystem, including merchant transactions through Square and crypto services within Cash App.
Block executive Owen Jennings previously told investors that the company’s new payment infrastructure is designed to support stablecoins alongside an AI-powered assistant called Moneybot, which provides insights and suggestions inside Cash App.
The AI push has also reshaped Block’s workforce, with about 4,000 employees—roughly 40% of staff—losing their jobs earlier this year as the company restructures around automation and AI tools.
Dorsey said the shift reflects how intelligence tools are transforming companies, arguing that smaller teams using AI can operate more efficiently while building new financial infrastructure.
At the time of reporting, Bitcoin price was $68,665.96.