Block to Support Stablecoins Amid Customer Demand, Says CEO Jack Dorsey

Block CEO Jack Dorsey announced that the company will support stablecoins, despite his preference for Bitcoin as the internet's money protocol. According to NS3.AI, the decision comes as fiat-pegged tokens reach a total market capitalization of $318 billion. Block has historically centered its crypto strategy around Bitcoin, including treasury holdings of 8,888.3 BTC valued at over $600 million and products like Cash App. Dorsey explained that the move to support stablecoins is driven by customer demand. He also addressed recent workforce reductions of approximately 40%, attributing them to structural changes brought about by artificial intelligence.