Charles Hoskinson, founder of Cardano, has explained on the X social media platform that Input Output Global, the firm responsible for developing the well-known proof-of-stake blockchain, will not utilize its ADA holdings to finance the incorporation of Circle’s USDC stablecoin.
cardano_creator Hoskinson clarified that Input Output Global (IOG) isn’t required to utilize its own earnings to fund the development of a community-focused project like this ecosystem initiative.
In essence, the Cardano Foundation, a Swiss blockchain organization, received ADA tokens as a charitable contribution. Their role is to utilize these tokens within the ecosystem, which sets them apart.
Earlier today, Hoskinson explained that the CF had the chance to incorporate Circle’s USDC worth a combined sum of $3 million when their total assets amounted to a massive $2 billion. Remarkably, they chose not to proceed with this opportunity.
The creator of Cardano has criticized a previous CF team member for trying to reframe history through a recent article suggesting that Cardano failed to successfully incorporate stablecoins.
Leading stablecoin providers, such as Circle and Tether, seem reluctant to incorporate support for Cardano because they have reservations about the scarcity of thriving decentralized apps and low transaction volumes on the platform.
16 different blockchain platforms currently support the use of the USDC stablecoin, including Arbitrum, Polkadot, Stellar, and Hedera.
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2025-01-12 22:08