Jack Dorsey doesn't like stablecoins. He said so out loud: "I don't like that we're going to support stablecoins but our customers want to use them."
That's a remarkable thing for a Bitcoin purist to admit. And it says everything.
When the most committed Bitcoin maximalist on the planet is bending to stablecoin demand, the argument is over. The market has decided.
Bitcoin is gold, not a payment rail
I believe in Bitcoin. I think it will flip gold in market cap eventually. It is a hard asset, a finite store of value, and one of the few things in finance that cannot be inflated away by a central bank.
But gold doesn't work well as a payment method either. Nobody sends gold bars to pay rent.
Bitcoin is the same. It belongs in a portfolio, not a checkout flow. The volatility alone makes it a poor medium of exchange. People are not going to price their groceries in something that moves 10% in a week. That is not a knock on Bitcoin. It is just an honest description of what it is.
What stablecoins actually solve
ACH transfers take two days to clear. Two days. In 2026.
Wire transfers cost an average of $20 to $30 per transaction. Every time. Whether you are sending $500 or $50,000.
These are not edge cases. This is the default infrastructure that most people and businesses rely on to move money. It is slow, expensive, and has not meaningfully improved in decades.
Stablecoins fix this. USDC settles in seconds. The fee is a fraction of a cent. It works the same way at 2am on a Sunday as it does at 9am on a Tuesday.
This is not a crypto dream. It is already happening. The infrastructure is live. The rails exist. Adoption is the only variable left.
The DeFi lending model is already here
Here is what I find more interesting than the payments story: people are starting to borrow against their Bitcoin instead of selling it.
This is exactly what wealthy people do with their assets. You do not sell your house to fund a renovation. You take out a home equity loan. You do not liquidate your stock portfolio to cover a tax bill. You borrow against it.
Bitcoin holders are starting to do the same thing. Borrow USDC against their Bitcoin position. Spend the stablecoin. Keep the Bitcoin exposure intact.
Coinbase is already facilitating this through DeFi lending products. It is early but the pattern is clear. As Bitcoin matures as a store of value, the demand to borrow against it will grow. And what do you borrow in? Stablecoins.
The two assets are not in competition. They are complementary. Bitcoin is the collateral. Stablecoins are the liquidity.
Dorsey is not wrong to give in
Dorsey's frustration is understandable. He built Block around a Bitcoin-first vision of finance. Stablecoins are, by design, tied to the dollar. That is the opposite of what he believes in philosophically.
But the reason people want stablecoins is the same reason Dorsey hates the existing system. ACH is broken. Wire fees are a tax on moving money. The current infrastructure is slow and controlled by institutions that have no incentive to make it better.
Stablecoins are not a betrayal of that critique. They are a practical response to it. A dollar-pegged token settling instantly on a public blockchain is still a massive improvement over what banks have built.
You can believe Bitcoin is the future of money and also recognize that stablecoins are the most useful thing crypto has shipped to date. Those two things are not in conflict.
The killer app for crypto was never speculation. It was always cheaper, faster money movement. Stablecoins are delivering that. The rest of the industry is catching up. This is why I built DocAPI with agentic-first API design in mind — USDC is the payment rail that makes truly autonomous software possible.