Cardano founder Charles Hoskinson recently addressed allegations by former employee and X user @matiwinnetou. The individual questioned Input Output Global’s (IOG) ADA holdings and the lack of adoption of popular stablecoins like USDC.
This sparked a series of exchanges involving Hoskinson, @matiwinnetou, and other community members, including @Jane14457995.
Hoskinson clarified that IOG’s ADA holdings earn profits from building Cardano, not public funds. He emphasized that these holdings differ from the ADA allocated to the Cardano Foundation, which operates independently.
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Failed USDC Integration and Ripple Collaboration
During the exchange, Hoskinson revealed details about a failed attempt to integrate Circle’s USDC stablecoin into the Cardano ecosystem in 2021. According to him, the Cardano Foundation declined a $3 million deal to facilitate the integration, despite its ADA holdings being valued at $2 billion.
He also expressed disappointment with @matiwinnetou for debunking this decision as a political motive to cripple the Foundation. Hoskinson also revealed having a conversation with Ripple’s Brad Garlinghouse about integrating Ripple’s RLUSD stablecoin into Cardano.
He referred to RLUSD positively as he referred to the team behind the product as “smart professionals”. He said RLUSD could be a new stablecoin competing with such stablecoins as USDM and DJED out in the market.
Hoskinson further mentioned that if there is a viable path to integrating RLUSD, he would personally fund the effort as a contribution to the ecosystem.
Community Reactions and Governance Challenges
This public rapture caught the attention of other community members, such as @Jane14457995, who described the animosity of the conversation. Jane added that the ecosystem will attain better results if the conflicting parties approach the disagreement more effectively.
Therefore, Hoskinson defended his hard line against false information and said that people must be made responsible for peddling fake news. @matiwinnetou responded dismissively, stating they were not interested in working for IOG and lacked technical expertise, such as Haskell programming knowledge.
They kept attacking his approach to governance of the ecosystem, arguing that Hoskinson aimed to reduce the role of the Foundation.
Hoskinson responded by focusing on the organization’s need for efficient governance and denying the motives of a political nature behind his actions. He restated his vision of having a fully decentralized blockchain ecosystem built on the principles of community.
Conclusion
The dispute highlights the complexities of governance, innovation, and community dynamics within the Cardano ecosystem. As the platform explores integrating stablecoins like RLUSD and navigates internal disagreements, its ability to address these challenges will be critical in shaping its future.
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