Charles Hoskinson Encourages XRP to Join Class Action Against Wyoming Stable Token Discrimination.
Charles Hoskinson, the founder of Cardano, recently raised some concerns about the exclusion of Cardano, Ripple, Algorand, and others from the Wyoming State stablecoin project. He suggested that there may be a conflict of interest behind the decision to snub these blockchains.
In a video, Hoskinson shared his disappointment at the exclusion of Cardano, despite the network’s involvement in the early stages of the Wyoming Stable Token (WST) project. He mentioned that other blockchains like Solana, Avalanche, Stellar, and Ethereum, including layer-2 networks, were selected for the project.
Hoskinson expressed his surprise at the exclusion of high-utility chains like Tezos and Algorand as well. He pointed out that the scoring criteria seemed to favor certain chains over others, raising questions about the decision-making process.
Concerned about the lack of transparency in the selection process, Hoskinson hinted at potential legal action, suggesting that excluded blockchains could consider taking legal steps. He emphasized the need for fairness and transparency in the decision-making process to ensure equal opportunities for all chains involved.
The Wyoming Stable Token project, set to launch in Q1 2025, aims to create a U.S. dollar-backed stablecoin. The project is still in the process of vetting partners and vendors to ensure a smooth rollout of the token. It is designed to be backed 102% by U.S. dollars and short-term Treasuries, with the interest generated from reserves going towards funding public schools in Wyoming.
Looking ahead, Wyoming plans to expand the use of blockchain technology to enable tokenization of assets like gold, oil, real estate, and other governmental obligations. The state has ambitious goals to leverage blockchain technology for various applications beyond the stablecoin project.
