The Daily: Jack Dorsey’s Block cuts 40% of staff amid AI strategy, Barclays explores blockchain settlement, Senate Democrats urge Binance probe, and more
Block is cutting 40% of its staff under Jack Dorsey's new AI-focused strategy, while Barclays explores blockchain settlement and Democrats call for a Binance probe.Summary
Jack Dorsey's Block is undergoing a major restructuring, cutting approximately 4,000 jobs to shift towards a "smaller, flatter" AI-first structure, though the company remains financially strong. In other major news, Barclays is exploring blockchain-based settlement infrastructure to prepare for growing stablecoin adoption, as circulation nears $300 billion. Meanwhile, Senate Democrats have urged the Attorney General and Treasury Secretary to investigate Binance for potential U.S. sanctions violations, citing reports of partners facilitating transactions with Iranian entities. Additionally, SBI Holdings plans to launch a trust bank-backed Japanese yen stablecoin (JPYSC) in Q2, and South Korea's tax service accidentally revealed a crypto wallet recovery phrase, leading to the suspected theft of tokens.
(Source：The Block)