The Daily: Jack Dorsey’s Block cuts 40% of staff amid AI strategy, Barclays explores blockchain settlement, Senate Democrats urge Binance probe, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Friday 🎉 Bitcoin (BTC) options traders are positioning for a potential rebound toward $90,000, as analysts point to volatility compression, improving skew, and concentrated call buying as early signs that the market may be attempting to form a base despite lingering macro risks.

In today’s newsletter, Jack Dorsey’s Block slashes 40% of its staff, Barclays explores blockchain settlement tools, Senate Democrats urge a probe into Binance, and more.

Meanwhile, ZKsync set a May 4 deprecation date for Lite as the project consolidates around Era.

P.S. Don’t forget to check out The Funding, a biweekly rundown of crypto VC trends. It’s a great read — and just like The Daily, it’s free to subscribe!

Block Inc slashes 40% of its staff as Jack Dorsey pushes ‘smaller, flatter’ AI strategy

Fintech and bitcoin business Block is cutting around 4,000 jobs, reducing its workforce from over 10,000 employees to just under 6,000 as CEO Jack Dorsey pivots the company to a “smaller, flatter” AI-first structure.

• Dorsey said Block remains financially strong, with growing gross profit, but is restructuring to better align operations around AI and intelligence tools.
• The company opted for a single large round of layoffs rather than gradual cuts to limit prolonged uncertainty and morale damage.
• Affected employees will receive 20 weeks of pay plus an additional week per year of tenure, according to Dorsey’s company note on Thursday.
• Block shares surged more than 20% in after-hours trading, though the stock remains down around 5% over the past year.
• In its latest reported quarter, Block generated nearly $2 billion in bitcoin revenue, accounting for roughly one-third of total revenue.

Barclays exploring blockchain settlement tools as banks brace for stablecoin growth

Barclays is exploring blockchain-based settlement infrastructure as stablecoin growth pressures banks to modernize payment rails, Bloomberg reported, citing sources close to the matter.

• The UK banking giant has reportedly approached technology providers to assess tokenized deposit and payment systems, but has yet to announce any formal launch plans.
• The move comes as stablecoin circulation nears $300 billion, with U.S. Treasury Secretary Scott Bessent projecting it could reach $3 trillion by 2030, prompting concerns that hundreds of billions of dollars could migrate from traditional bank deposits.
• Barclays has already invested in stablecoin settlement startup Ubyx, while peers such as JPMorgan have moved ahead with onchain deposit tokens for institutional settlement.

Senate Democrats urge AG Bondi and Treasury Sec. Bessent to probe Binance amid sanctions concerns

Senate Democrats led by Chris Van Hollen urged Attorney General Pam Bondi and Treasury Secretary Scott Bessent to investigate Binance over potential U.S. sanctions violations.

• The lawmakers cited recent media reports alleging Binance partners facilitated transactions involving Iranian entities and raised concerns about the exchange’s sanctions compliance safeguards.
• The scrutiny comes just over two years after Binance pleaded guilty to sanctions breaches and money transmission violations, agreeing to pay more than $4 billion in penalties.
• Democrats requested a response by March 13, intensifying pressure on the exchange as it faces renewed questions about its illicit finance controls.

SBI Holdings unveils trust bank-backed JPY stablecoin with Q2 launch target

SBI Holdings and Startale Group unveiled JPYSC, a trust bank-backed Japanese yen-denominated stablecoin targeting institutional and cross-border use cases with a planned Q2 launch.

• JPYSC will be issued by SBI Shinsei Trust Bank in compliance with local regulations, while SBI VC Trade will handle distribution, and Startale will lead technical development, according to the firms.
• The partners said the trust structure strengthens governance and oversight as Japan pushes regulated stablecoins into mainstream finance under its amended Payment Services Act.
• The companies aim to position JPYSC as a regulated yen-based digital money for payments, treasury management, tokenized asset distribution, and future AI-driven onchain use cases.

South Korea tax service reveals crypto wallet recovery phrase in press release, seized tokens moved in suspected breach

South Korea’s National Tax Service published an unredacted wallet recovery phrase in a press release photo, after which 4 million PRTG tokens — theoretically worth about $4.8 million at prevailing prices — were transferred to an unidentified address in a suspected breach, according to local media.

• Onchain data show the recipient address first sent ETH to cover gas fees before moving the full PRTG balance, which represents roughly 40% of the token’s total supply but would be difficult to liquidate due to extremely thin trading volume.
• Security experts criticized the disclosure as a preventable custody failure, marking the latest in a string of crypto seizure lapses by South Korean authorities.

Looking ahead to next week

• U.S. jobless claims data are released on Thursday. U.S. nonfarm payroll figures are due on Friday.
• U.S. FOMC members John Williams and Neel Kashkari will speak on Tuesday.
• Sui, EigenLayer, Ethena, Hyperliquid, and Wormhole are among the crypto projects set for token unlocks.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.