- Charles Hoskinson, founder of Cardano, believes that algorithmic stablecoins are more suitable for the crypto industry than asset-backed stablecoins.
- He suggested that Cardano’s integrity may be the reason why some actors in the crypto ecosystem are reluctant to associate with the project.
- The founder of Cardano criticized the recent approval of Bitcoin ETFs in the United States, arguing that it contributes to the centralization of the crypto industry and goes against the original vision.
Charles Hoskinson, founder of Cardano, has expressed his opinion on the type of stablecoins most suitable for the crypto industry. According to him, algorithmic stablecoins are more suitable compared to those backed by assets. Hoskinson made these statements during an interview with the Discover Crypto team while answering questions about why some actors in the crypto ecosystem are reluctant to associate with the Cardano project.
The founder of Cardano suggests that the integrity of his project could be the reason why some other projects and practitioners do not feel comfortable with it. Hoskinson believes that Cardano is perceived as threatening due to its growth approach without relying on venture capital funding. For him, having followed a path of integrity may generate resentment among those who chose a different path.
Regarding the issue of not having the USDC stablecoin on the Cardano network, Hoskinson explains that, although he does not oppose asset-backed stablecoins, he believes they should not be classified as cryptocurrencies due to their centralized nature. He highlights that centralized exchanges already have significant control over these stablecoins, contradicting the decentralization that characterizes the crypto ecosystem.
Hoskinson Takes a Stand Against Bitcoin ETFs
Hoskinson also criticizes the recent approval of Bitcoin ETFs in the United States, arguing that this action contributes to the centralization of the crypto industry by granting greater control to a small group of companies. He believes that these actions go against the original vision of cryptocurrency pioneers, who sought to create a more decentralized and accessible financial system for everyone.
On the other hand, Hoskinson acknowledges that stablecoins are a reality in the crypto world and that asset-backed stablecoins will not disappear soon. However, he and his team have researched algorithmic stablecoins and consider this type of asset more suitable for the industry.