Jack Dorsey Hates Stablecoins But Block Uses Them Anyway

Jack Dorsey has a stablecoin problem — and it's not technical. The Block Inc. CEO, one of crypto's most committed Bitcoin maximalists, told Wired he doesn't want to support stablecoins at all. His customers, apparently, had other ideas.

Dorsey's Stablecoin Grudge, Explained

"I don't like that we're going to support stablecoins, but our customers want to use them," Dorsey told Wired. Then came the real tell: "I don't think it's wise to go from one gatekeeper to another." That line is the whole philosophy in one sentence — stablecoins, in his view, just swap dollar hegemony for dollar hegemony with extra steps. Not exactly the open financial protocol he has been preaching for years.

Call it pragmatism, call it surrender — either way, Dorsey's displeasure with stablecoins is a matter of public record now. Block is moving forward regardless.

The Man Who Called Bitcoin a Poem

To understand why this matters, you need to know what kind of Bitcoin believer Dorsey is. This is not a casual holder. He once compared the Bitcoin white paper to "poetry." During a 2020 podcast with MIT research scientist Lex Friedman, he went deep on his admiration for Satoshi Nakamoto's decision to stay pseudonymous rather than anonymous — arguing that the pseudonym "builds tangibility and a little bit of empathy that this was a human or a set of humans behind it."

That same year, Dorsey founded the Crypto Open Patent Alliance, which later challenged — and beat in court — computer scientist Craig Wright's widely disputed claim to be Nakamoto. He has been consistent on one thing above all else: Block aligns with Bitcoin, not crypto broadly, "because I believe the internet needs an open protocol for money transmission." Stablecoins are, at best, a concession.

What Does Moneybot Have to Do With Stablecoins?

How is Block connecting its AI assistant to stablecoin payments?

During Block's February earnings call, Business Lead Owen Jennings told investors the company is rolling out a new core payment flow — and stablecoins are baked into it. "Critically, that's connected to Moneybot, and then it also is the flow that is built to support stablecoins," Jennings said. "So [we're] continuing to tweak things there and get that rolled out to 100%."

The Moneybot AI assistant launch happened in late 2025. Block describes it as an "always-on" agentic assistant built into Cash App, designed to surface "contextual insights and actionable suggestions based on customers' in-app activity." Think of it as a financial nudge engine — one that will, going forward, also nudge you toward stablecoin transactions.

Critically, that's connected to Moneybot, and then it also is the flow that is built to support stablecoins.

The 40% Layoff Number Deserves More Scrutiny

Here is the part of this story that keeps getting buried under the stablecoin angle. Block announced in late February that it is cutting roughly 4,000 jobs — nearly 40% of its entire workforce. That is not a trim. That is a restructuring.

Dorsey addressed staff directly in a letter shared on X. "Intelligence tools have changed what it means to build and run a company," he wrote. "A significantly smaller team, using the tools we're building, can do more and do it better." The Moneybot rollout and the stablecoin integration are both downstream of this thesis — AI replaces headcount, AI handles payments, AI nudges behavior. Whether that vision actually plays out is a different question entirely.

Dorsey says Block is still a Bitcoin-first company. His product roadmap now includes stablecoins, an AI financial assistant, and a 40% workforce reduction. Believe whichever version you want.