Summary
- Jack Dorsey, Block’s CEO, said the company plans to support stablecoins amid growing customer demand.
- Block said it is maintaining a Bitcoin (BTC)-centric strategy and currently holds about 8,888.3 BTC, worth roughly $600 million.
- With stablecoin market capitalization rising to about $318 billion, competition in the payments market is intensifying as Stripe, PayPal and others move in.
Forecast Trend Report by Period
Jack Dorsey, CEO of Block, who has long emphasized a Bitcoin (BTC)-centric strategy, said the company will move to support stablecoins. The shift is seen as a response to rising customer demand and intensifying competition in the payments market.
According to crypto-focused outlet CoinDesk on the 8th (local time), Dorsey said in a recent interview with WIRED that Block plans to support stablecoins.
In the interview, Dorsey said, “I don’t like that we’ll be supporting stablecoins, but customers want to use them.”
Block’s crypto strategy has so far been centered on Bitcoin. It introduced Bitcoin trading on Cash App and has invested in ecosystem expansion, including developing mining hardware and supporting development of the Lightning Network. Block currently holds about 8,888.3 BTC, valued at roughly $600 million.
Meanwhile, the stablecoin market is expanding rapidly. According to CoinMarketCap, the market capitalization of stablecoins pegged to fiat currencies such as the U.S. dollar has grown to around $318 billion. Competition in the payments market is also intensifying as major payments companies such as Stripe and PayPal adopt related payments infrastructure.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
