Charles Hoskinson, the founder of Cardano, recently got into a public spat on X (formerly Twitter) about the lack of popular stablecoins on the Cardano network. This led to some interesting revelations and a potential game-changer.
The USDC Drama
The argument started when a Cardano stakeholder criticized the Cardano Foundation (CF) and Hoskinson for not bringing stablecoins like USDC and USDT to Cardano. They claimed the CF wasn’t spending enough of its ADA holdings on the necessary integrations.
Hoskinson fired back, blaming the CF for turning down a $3 million deal with Circle (the company behind USDC) back in 2021, when the CF’s ADA holdings were worth nearly $2 billion. He accused the CF of not only missing this opportunity but also actively blocking other budget proposals for stablecoin integration. He stressed the community’s strong desire for USDC and other stablecoin solutions. He argued that without stablecoin support, Cardano’s growth is seriously threatened due to insufficient funding.
Hoskinson’s strong response didn’t sit well with everyone. Some criticized his aggressive tone, suggesting it was counterproductive.
A Potential Lifeline: Ripple’s RLUSD
Amidst the controversy, a suggestion emerged: collaborate with Ripple on their RLUSD stablecoin. Hoskinson seemed open to the idea, stating that if a feasible path to integrating RLUSD exists, he’d pursue it. He even revealed that they’ve already had discussions with the RLUSD team.
This isn’t the only potential collaboration with Ripple. Hoskinson mentioned ongoing talks about integrating Ripple’s infrastructure into Cardano’s upcoming privacy-focused sidechain, Midnight. He highlighted positive early interactions with Ripple’s CTO, David Schwartz. While he emphasized that formal partnerships take time, the initial technical conversations have been promising.
In short, while internal disagreements continue within the Cardano ecosystem, a potential partnership with Ripple could offer a solution to the pressing need for stablecoin integration on the Cardano network. As of this writing, ADA is trading at $0.92.
