Jack Dorsey’s Spiral warns Bitcoin is losing the payments race to stablecoins

Block-backed Bitcoin development group Spiral has warned that Bitcoin is struggling to gain traction as everyday money despite seven years of improvements to its payment technology, calling for ambitious proposals that could help it compete with increasingly popular stablecoins. Spiral warns that Bitcoin's everyday payment adoption remains weak despite seven years of technical progress. More than one million U.S. merchants can accept Bitcoin through Square, according to the report. Stablecoins dominate emerging AI-agent payment systems, prompting concerns over Bitcoin's competitiveness. The group wants ambitious proposals to improve payment adoption within five years. Spiral identifies weak demand, price volatility and U.S.