Bitcoin purist Jack Dorsey is reluctantly giving in to stablecoin craze
Block CEO Jack Dorsey reluctantly announced support for stablecoins due to customer demand, despite his long-held preference for Bitcoin as the internet's native money.Summary
Block CEO Jack Dorsey confirmed that his company will support stablecoins, acknowledging this move is driven by customer demand rather than a personal shift in belief, stating, "I don’t like that we’re going to support stablecoins but our customers want to use them."
This decision marks a pragmatic shift for Dorsey, a staunch Bitcoin advocate who previously framed Block's crypto strategy solely around Bitcoin, including funding development and accumulating BTC for its treasury. The move comes as stablecoins have surged in popularity, reaching a $318 billion market capitalization, and competitors like Stripe and PayPal have integrated stablecoin options, increasing market pressure on Block.
This is not the first time Block has endorsed stablecoins reluctantly; Cash App added support late last year. Dorsey has historically been critical of non-Bitcoin crypto initiatives, famously rejecting Facebook's Libra project in 2024. Separately, Dorsey also addressed recent workforce cuts of about 40%, attributing them to structural changes driven by artificial intelligence, not cost-cutting measures.
(Source：CoinDesk)