Jack Dorsey's Block will back stablecoins despite Bitcoin purism

Block CEO Jack Dorsey says his company will support stablecoins, even though he has long argued that Bitcoin should serve as the internet’s native money protocol. In an interview with WIRED, Dorsey acknowledged the change while making clear it reflects customer demand rather than a shift in personal belief.

"I don’t like that we’re going to support stablecoins but our customers want to use them," he said. "I don’t think it’s wise to go from one gatekeeper to another." For years Dorsey framed Block’s crypto strategy around Bitcoin, backing mining hardware development and integrating the asset into products such as Cash App.

The company first introduced the option for users to buy and sell bitcoin on the Cash App, and the company received a BitLicense from New York regulators the following year. Block started a Bitcoin development arm and funded Bitcoin and Lightning Network developers in 2019, and started accumulating bitcoin for its corporate treasury in 2020.

United States, New York

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