The main figure behind top-10 crypto startup Cardano (ADA), Charles Hoskinson, says USDM is becoming "the most advanced stablecoin ever built," just as "crypto dollars" take center stage in the next phase of digital finance.
The post came alongside a series of updates from a closed-door workshop in Buenos Aires, where teams gathered to advance a private stablecoin infrastructure — without naming which specific protocol was in focus.
Cardano's stablecoin woes
A couple weeks ago, Hoskinson put it straight — Cardano’s own DeFi ecosystem has been bottlenecked by their absence. A chart he shared back then showed that while Ethereum and Solana have stablecoin liquidity covering over 100% of their DeFi total value locked, Cardano sits at just 9.65%.
“This would start to solve it,” he wrote in June, pointing to the role advanced stablecoins could play in fixing the imbalance.
In a more recent X communication, Andrew Westberg, a developer aligned with the Cardano ecosystem, broke down the complexity behind next-gen stablecoin models: programmable access controls, multi-role visibility layers and regulatory transparency built-in from the start. The goal is not just pegged value; it is privacy, compliance and enterprise usability.
USDM, part of Cardano’s expanding stablecoin ecosystem alongside Djed and RLUSD, has already undergone leadership and valuation challenges. But Hoskinson remains confident in his newest claim.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team