- Cardano founder Hoskinson highlighted Ripple’s RLUSD stablecoin system as a missed chance for Wyoming to boost XRP liquidity and showcase its capabilities.
- He alleged industry collusion by entities like Consensys, Circle, and BlackRock to favor Ethereum-oriented solutions.
Cardano founder Charles Hoskinson has publicly criticized Wyoming’s Stable Token (WST) project for its selection process. He argued that it was a hard blow for Ripple’s XRP Ledger (XRPL). XRP was a “huge loser” in the biased and opaque decision-making process, according to him.
Cardano Founder Charles Hoskinson Stands In Support Of XRP
The WST project of introducing a state-backed, dollar-pegged stablecoin has attracted most of the Hoskinson attacks. He claimed that it excluded important blockchain platforms like Ripple’s XRPL and Cardano, opting for more Ethereum-oriented solutions. Reportedly preferred blockchains in the deal included Solana, Avalanche, Sui, Stellar, as well as Ethereum Layer 2 chains like Optimism and Base, per the CNF report.
In a very heated exchange on social media, Hoskinson reacted to prominent crypto influencer Ben “Bitboy” Armstrong’s claim that Ripple’s permission to launch its RLUSD stablecoin in New York rendered the WST decision irrelevant. Armstrong reacted, “Yet Charles Hoskinson wants the XRPArmy to be upset about Wyoming.”
Hoskinson fired back, saying, “How much have you been hit in the head? XRP was a huge loser in this biased process. They had an alternative system to Circle who was the winner. Had they been eligible to bid, the state of Wyoming would be issuing millions of dollars of tokens on RLUSD infrastructure, thereby pushing liquidity up dramatically on lost major exchanges.”
Ripple’s RLUSD system, approved by the New York State Department of Financial Services (NYDFS), is viewed by Hoskinson as a missed opportunity for Wyoming. He argued that the project could have provided XRP with a significant liquidity boost and demonstrated its capabilities on a larger stage. However, Circle’s solution ultimately won the bid, raising suspicions about the fairness of the selection criteria.
Did Big Players Conspire Against Ripple?
Cardano’s Hoskinson has alleged collusion between key industry players, including Consensys, Circle, and BlackRock, to ensure an Ethereum-centric outcome. “Consensys, Circle, and BlackRock made sure that didn’t happen,” he claimed, adding that Wyoming dismissed RLUSD despite New York’s rigorous regulatory approval.
“The commission said that despite what New York State said (the most rigorous regulation in the world), XRPL isn’t suitable for their stablecoin.” Adding fuel to the fire, Hoskinson criticized the selection of Stellar over XRPL.
He noted Stellar has a market capitalization of $13 billion and $1 billion in daily volume, compared to XRP’s $140 billion market cap and tens of billions in volume. “So let me get this straight. Apparently, Stellar can do stuff that Ripple can’t do according to the scoring criteria,” Hoskinson lamented in a broadcast.
The controversy has sparked debate among crypto enthusiasts. One user sided with Hoskinson, writing, “Wyoming’s exclusion of RLUSD is a clear example of bias. If New York, with its strict regulations, approved RLUSD, there’s no reason Wyoming couldn’t have considered it.”
For Hoskinson, the WST project represents an issue of gatekeeping and lack of transparency in the crypto space. He remains adamant that Ripple and Cardano’s exclusion is a blow not just to the projects but to innovation and fair competition in the industry.
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