Cardano founder Charles Hoskinson recently took to the X social media network to clarify that Input Output Global, the blockchain research and engineering company behind the popular proof-of-stake blockchain, will not contribute its ADA holdings to fund the integration of Circle's USDC stablecoin.
Hoskinson has explained that IOG is not obliged to use its private profits to finance such an ecosystem initiative.
Meanwhile, the Cardano Foundation, a Switzerland-based blockchain organization, was specifically given ADA tokens in the form of a donation. "They have a mandate to spend it on the ecosystem. That's the difference," he said.
Tomiwabold OlajideEarlier today, Hoskinson clarified that the CF had an opportunity to integrate Circle's USDC for a total of $3 million when it had a total of $2 billion in total assets. However, this deal was turned down.
The Cardano founder has accused a former CF employee of attempting to "rewrite history" with a recent post about Cardano's apparent failure to integrate stablecoins and boost the blockchain's adoption.
Major stablecoin issuers of the likes of Circle and Tether are allegedly hesitant to add support for Cardano due to concerns over the lack of successful decentralized applications and insufficient transaction volume.
The USDC stablecoin is currently available on a total of 16 blockchain networks, including Arbitrum, Polkadot, Stellar, and Hedera. According to data provided by CoinGecko, the USDC cryptocurrency has a market cap of roughly $46 billion. This makes it the eighth-largest cryptocurrency in the world.
Dan Burgin
Vladislav Sopov