Jack Dorsey said he is unhappy about the growing push toward stablecoins but acknowledged that customer demand is likely to force fintech company Block to support them.
During an interview with Wired, the Block founder said the company’s strategy has focused on Bitcoin rather than the broader cryptocurrency sector because he believes the internet needs an open protocol for money.
Dorsey said that despite his reservations, user demand for dollar-pegged digital assets is pushing the company toward integrating stablecoins into its ecosystem.
“I don’t like that we’re going to support stablecoins but our customers want to use them,”
Said Block founder, Jack Dorsey.
He added that moving toward stablecoins risks recreating centralised financial control within digital payments despite their growing popularity among merchants and consumers.
Block has heavily integrated Bitcoin into its products including Cash App for investing, the Bitkey self-custody hardware wallet, the Proto mining system and upcoming Bitcoin support in its Square point-of-sale platform.
Dorsey also said Bitcoin remains the best decentralised protocol for transmitting money across the internet and confirmed the company will continue building Bitcoin-based services even as stablecoin demand rises.
At the time of reporting, Bitcoin price was $66,168.01.