Bitcoin Die-Hard Jack Dorsey Doesn't Like Stablecoins, But Block Will Use Them Anyway

In brief

• Dorsey called stablecoins a leap “from one gatekeeper to another.”
• Block’s Cash App is building stablecoin support into its core payment flow.
• The company’s AI push has already cost 4,000 employees their jobs.

Longtime Bitcoiner and Block Inc. CEO and co-founder Jack Dorsey has very reluctantly gotten onboard with the idea that the company’s customers are embracing stablecoins. “I don’t like that we’re going to support stablecoins, but our customers want to use them,” he told Wired. “I don’t think it’s wise to go from one gatekeeper to another.” Dorsey’s hesitant embrace of stablecoins isn’t exactly a heel turn, but it is a departure from his allegiance to the first and largest cryptocurrency by market capitalization.

Dorsey is the kind of BTC aficionado who has compared the Bitcoin white paper to “poetry.” During the same 2020 podcast interview, he told MIT research scientist Lex Friedman that he takes comfort in knowing that Bitcoin inventor Satoshi Nakamoto has remained pseudonymous.  “I think it was smart not to do it anonymous, not to do it as a real identity, but to do it as a pseudonym,” said Dorsey, “because I think it builds tangibility and a little bit of empathy that this was a human or a set of humans behind it. There’s this natural identity that I can imagine.” He founded the Crypto Open Patent Alliance in 2020, which would later challenge and win in court against computer scientist Craig Wright’s “false narrative” about being Nakamoto.

During the same interview with Wired, he was very careful to clarify that Block aligned itself with Bitcoin—not crypto more generally—“because I believe the internet needs an open protocol for money transmission.” Block has embraced Bitcoin in multiple ways, including offering Bitcoin buying and selling through Cash App, enabling Bitcoin payments via its Square merchant terminals, and developing a hardware wallet and modular mining rig system. The stablecoin mention likely refers to something Block Business Lead Owen Jennings said during the firm’s earnings call in February. During the call, he told investors that the company is in the process of rolling out its new core payment flow. “Critically, that’s connected to Moneybot, and then it also is the flow that is built to support stablecoins,” he told investors. “So [we’re] continuing to tweak things there and get that rolled out to 100%.” Moneybot is an agentic AI assistant integrated into Cash App by Block. It was launched in late 2025. The company has said the “always-on” assistant will deliver “contextual insights and actionable suggestions based on customers’ in-app activity.” The integration of agentic AI has come at the cost of roughly 4,000 jobs, however, or 40% of the company’s staff, as announced in late February. “Intelligence tools have changed what it means to build and run a company," Dorsey said in a letter sent to staff and shared on X. "A significantly smaller team, using the tools we’re building, can do more and do it better.”