As an analyst within the Cardano community, I’ve noticed that the integration of stablecoins like USDC and USDT has been a topic of ongoing debate. While these stablecoins have significantly impacted other blockchain networks, Cardano has yet to establish substantial partnerships with them.
As a researcher delving into the realm of ADA, I’ve noticed that the absence of USDC by Circle and USDT by Tether within our blockchain ecosystem has sparked concerns among enthusiasts about its potential and attractiveness to investors. This recurring apprehension was once again ignited, thanks to a post from Cardano contributor Mateusz Czeladka, which rekindled the ongoing debate on this topic.
Czeladka expressed his worries about the Cardano Foundation’s reluctance to collaborate with well-known stablecoin creators. He pointed out that the leadership, specifically Charles Hoskinson, has not given these opportunities enough attention, despite the community clearly expressing its desire for such collaboration.
USDC to ADA: Failed
Instead of directly addressing the allegations, Hoskinson provided a contrasting viewpoint. He disclosed that the Cardano Foundation had been given an opportunity to incorporate USDC as early as 2021, but for only $3 million – a time when Circle’s assets were estimated to be worth almost $2 billion.
As per Hoskinson’s statements, the Foundation declined the offer at that point in time. This action has since been played down by certain members of the community. However, Hoskinson showed disappointment towards what he perceived as an attempt to rewrite history, pointing fingers at others for what he considered a missed opportunity.
The company in question could have purchased an asset called “circle back” for $3 million in 2021, a time when their total assets were nearly $2 billion. However, they chose not to take the deal, as stated by one of their own employees. Instead, they later manipulated the narrative to absolve themselves of any responsibility associated with this decision.
— Charles Hoskinson (@IOHK_Charles) January 12, 2025
From another perspective, as per Czeladka’s viewpoint, the reluctance of the foundation to take action and the internal struggles for power have been significant factors limiting the growth potential of Cardano, particularly when compared to other blockchain platforms that have adopted USDC and USDT.
The contributor hinted at what they saw as a lack of political determination and expressed their disapproval towards the Foundation’s budget allocation, suggesting that significant agreements could have been made if the management had been ready to dedicate adequate funds.
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2025-01-12 18:27