Cardano Founder Raises Concerns Over Wyoming Stablecoin Project Practices
Cardano founder Charles Hoskinson expressed concerns regarding the Wyoming stablecoin project, alleging unfair practices and procedural misconduct. In a November 25 livestream, he detailed how the project, supported by him and Input Output Global (IOG) for over a year, excluded Cardano and other blockchain platforms from consideration, raising fairness and legality issues.
Hoskinson recalled initial optimism about the Wyoming legislature’s crypto law aimed at creating a state-backed stablecoin. IOG contributed to the project's development by advising on compliance, issuance processes, and strategies against established stablecoins like Circle and Tether. He criticized the appointment of an executive director from the Ethereum ecosystem who favored Ethereum over the originally intended multi-chain approach.
He described the selection process for blockchain platforms as opaque and biased, stating that Cardano was excluded without an opportunity to appeal or demonstrate its capabilities. “The process gave an unfair competitive advantage to other ecosystems,” he noted, labeling it illegal and unconstitutional. He highlighted that thousands of other blockchain platforms were also excluded, which undermines Wyoming's reputation in crypto innovation.
Hoskinson warned that Wyoming risks losing its status as a crypto-friendly state if such practices persist. He emphasized the need for Wyoming to uphold the rule of law to retain crypto businesses. Several lawmakers in Wyoming share his concerns, questioning whether the project should be repealed or defunded.
Despite his frustrations, Hoskinson reaffirmed his commitment to Wyoming, where IOG has made significant investments. He expressed hope for resolution, indicating that IOG is considering all options, including potential legal action. “This is just the beginning; we’ll get it sorted out,” he stated, highlighting his intent to pursue justice.
Hoskinson’s statements reflect his dedication to fair competition and maintaining Wyoming’s status as a hub for blockchain innovation. He cautioned that without adherence to the rule of law, Wyoming could lose its attractiveness to crypto businesses, jeopardizing its future in the industry.