What Comes Next for Cardano as Hoskinson Announces Plans; XRP Regulatory Challenges in Wyoming
In a recent livestream titled “XRP and Wyoming,” Charles Hoskinson, the founder of Cardano, voiced his concerns about the Wyoming Stable Token Commission’s blockchain network selections for the state’s upcoming stablecoin, the Wyoming Stable Token (WST). Hoskinson criticized the commission’s opaque selection process and raised questions about potential conflicts of interest.
The Wyoming Stable Token Commission has announced its procurement process for WST, set to debut in 2025 as the first fiat-backed and fully reserved stable token issued by a public entity in the United States. The commission plans to work with qualified third-party vendors to assist in the development, deployment, and management of WST and its underlying reserves.
The chosen blockchain networks for the initial deployment include Solana, Avalanche, Stellar, and Ethereum, along with Layer 2 networks like Polygon, Arbitrum, Base, and Optimism. These selections were made by the commission’s Blockchain Selection Working Group, a process that Hoskinson criticized as “very opaque.”
Hoskinson also expressed surprise at the exclusion of notable blockchain networks like the XRP Ledger and Cardano from the selection. He highlighted Ripple’s RLUSD and questioned why Stellar was chosen over Ripple, given their shared history and Ripple’s significant market presence.
“Let me get this straight: apparently Stellar can do stuff that Ripple can’t according to the scoring criteria,” Hoskinson remarked. “Ripple just announced the launch of RLUSD, and when we look at market cap and trading volume, XRP has a substantial ecosystem and market presence.”
These developments have sparked discussions and debates within the blockchain community about the selection process and the future implications for the Wyoming Stable Token. Stay tuned for more updates as this story continues to unfold.
