Charles Hoskinson, the founder of Cardano, has raised concerns over the blockchain selection process for Wyoming’s Stablecoin (WST) project. He criticized excluding several blockchain projects, including XRP, which he believes adversely impacted the XRP Ledger’s liquidity.
Hoskinson’s remarks were in response to comments made by crypto influencer Ben Armstrong, igniting discussions about the fairness and transparency of the selection process.
Hoskinson pointed out that Ripple’s XRP could have benefited significantly from its involvement in the WST project. He said the initiative would have provided a critical liquidity boost to the XRP Ledger, improving its utility across major exchanges.
Despite XRP’s potential, the WST project chose Circle, overlooking Ripple’s offering. Hoskinson argued that Ripple’s inclusion would have allowed the issuance of stablecoins under the RLUSD banner, showcasing XRP’s capacity to support large-scale operations.
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Lack of Transparency and Shifting Priorities
Hoskinson expressed concerns about the WST project’s overall transparency, criticizing the exclusion of major blockchains like Cardano and Bitcoin. He argued that this limitation stifled competition and innovation, adding that a more inclusive approach would have created a fairer and more dynamic process, benefiting the entire crypto ecosystem.
More criticism followed as Hoskinson highlighted a change in the project’s direction. At its conception, the WST project was designed as a multichain platform; however, at the insistence of Anthony Apollo, the project became Ethereum-based. On this front, said Hoskinson, this change created an obscure assessment structure that ignored the possibility of other blockchains.
Despite these setbacks, Hoskinson acknowledged Ripple’s recent success in securing regulatory approval for its RLUSD stablecoin from the New York State Department of Financial Services (NYDFS). While this development marked progress for Ripple, Hoskinson maintained that the missed opportunity in Wyoming’s WST project highlighted the need for greater fairness and inclusivity in blockchain initiatives.
Also Read: Charles Hoskinson Apologizes to XRP Community, Hints at Potential Cardano-Ripple Collaboration
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.