Cardano Founder Speaks Out on Wyoming Stablecoin
In a recent livestream on November 25, Charles Hoskinson, the founder of Cardano and CEO of Input Output Global (IOG), raised some serious concerns about the Wyoming stablecoin project. He pointed out what he sees as procedural misconduct and unfair exclusion of the Cardano blockchain from the initiative.
Hoskinson started by talking about the excitement surrounding the Wyoming legislature’s passing of a crypto law two years ago. The law aimed to allow the state to issue its own stablecoin backed by assets. He mentioned that soon after the bill was passed, people from the Wyoming government and beyond approached Input Output for advice on how to collaborate.
Over the course of a year and a half, IOG actively participated in the developmental phase of the project. They shared advice in numerous meetings about vital topics like issuance and redemption processes, compliance, technological standards, and ways to compete with established stablecoins like Circle and Tether.
However, Hoskinson expressed disappointment with the appointment of an executive director who seemed to favor the Ethereum ecosystem over the multi-chain vision outlined in the bill. He criticized the process of selecting blockchain platforms as opaque and exclusionary, claiming that Cardano was unfairly left out based on assumptions about its capabilities without a chance to prove otherwise.
Overall, Hoskinson’s concerns shed light on the challenges faced by Cardano in participating in the Wyoming stablecoin project. Stay tuned for more updates on this developing story.
