Charles Hoskinson, the founder of Cardano, engaged in a heated exchange on X (formerly Twitter) with a former employee who accused Input Output Global (IOG ($0.00)) of misconduct. The ex-employee questioned IOG’s ADA ($0.93) holdings and its initiatives regarding USDC ($1.00) adoption. Addressing the allegations, Hoskinson clarified that IOG’s ADA holdings are “earned” profits used for building the Cardano ecosystem, not funds belonging to the community. He distinguished these holdings from the tokens donated to the Cardano Foundation.
Failed USDC Integration Deal Resurfaces
Hoskinson also revisited a failed 2021 initiative to integrate Circle’s USDC stablecoin with Cardano. He revealed that the Foundation had the opportunity to integrate USDC for $3 million, but despite holding assets valued at $2 billion at the time, the deal fell through.
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According to Hoskinson, the Foundation rejected the offer based on advice from its own employee. He further criticized the X user “matiwinnetou” for spreading misinformation, claiming their comments were driven by a personal vendetta against him, IOG, and the Foundation.
Collaboration with Ripple for RLUSD Stablecoin
In a more optimistic update, Hoskinson disclosed that he is working with Ripple, a major American fintech company, and its CEO Brad Garlinghouse to bring the RLUSD stablecoin to Cardano. This integration could address a significant need within the ecosystem. Hoskinson expressed his willingness to fund the integration as a “gift to the ecosystem” if a feasible path emerges.
He emphasized the importance of building a robust stablecoin infrastructure, highlighting the need for stablecoins like USDM, DJED, and RLUSD on Cardano.
Related article: Cardano and Ripple Partnership: Potential Collaboration Sparks Excitement
After meeting with the RLUSD team, Hoskinson praised their expertise and professionalism. While the community continues to demand popular stablecoins like USDT ($1.00) and USDC on Cardano, RLUSD seems like a viable alternative.
Currently, Ripple manages RLUSD’s supply, with 53.1 million tokens in circulation and a market cap of $53.09 million, according to CoinMarketCap. Hoskinson’s proactive efforts aim to strengthen Cardano’s stablecoin ecosystem, reinforcing its potential for broader adoption.
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