Jack Dorsey displeased with stablecoin push
Bitcoin, Dorsey's preferred currency, is a very volatile asset and its price has declined from north of $126,000 in early October to above $68,000 today.
In contrast, a USD-pegged stablecoin's value remains 1 USD, no matter what. But note that the value of any currency is assessed in terms of its purchasing power. Due to inflation and dollar debasement, the value of a USD-pegged stablecoin also tends to fluctuate in terms of purchasing power.
Related: Explained: What is a stablecoin?
But it seems customers demand stablecoins—as Dorsey highlighted—because they are accustomed to using the U.S. dollar and only want a digital version of it, not a volatile currency like Bitcoin.
Here is why merchants and customers like stablecoins. As traditional finance rails sleep outside normal working hours and over the weekends or long holidays, stablecoins come to the rescue by facilitating the digital transfer of dollars within seconds.
But Dorsey isn't happy about it.
"I don't think it's wise to go from one gatekeeper to another," he told WIRED.
But it doesn't mean Bitcoin goes out of the window for Block. Dorsey still thinks BTC is the "best" open protocol for money transmission over the internet and the company isn't ditching it even as it will integrate stablecoins.
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Dorsey addresses mass layoffs at Block
Block made headlines last month when the company laid off more than 4,000 out of 10,000 employees, with Dorsey citing the integration of artificial intelligence (AI) for the reason.
But speculation was rife that the company, which overhired during the coronavirus pandemic, was now forced to get rid of additional staff and AI was a convenient scapegoat.
As the reporter asked Dorsey whether he was "AI-washing" the layoffs, he said that Block hired at the same rate that they all did during the coronavirus and corrected it around the same time.
This time, it was AI integration that led to the layoffs, he said and highlighted the recent advancement in intelligence tools like Anthropic’s Opus 4.6 and OpenAI’s Codex 5.3.
Related: AI agents prefer Bitcoin over money, study finds
This story was originally published by TheStreet on Mar 8, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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