Bitcoin diehard Jack Dorsey leans into stablecoin-payments

The peer-to-peer and banking platform Cash App was among the first to widely offer Bitcoin balances and Dorsey has long argued that if the original cryptocurrency doesn’t become a tool for everyday payments that it risks irrelevance. Until now, Block has mirrored its founder’s creed by exclusively supporting Bitcoin and to-date accumulated 24 million customers using the platform to buy, store and spend Bitcoin. Now, the company is expanding into stablecoins by making the digital assets interoperable with users’ cash balances. Users will soon be able to deposit stablecoins as United States dollars in their cash balances and send stablecoins to another person’s wallet. The company plans to launch with multiple stablecoins, including Circle Internet Group Inc.’s USDC token.