Cardano Founder Threatens Legal Actions Over Wyoming Stablecoin Project
Cardano founder Charles Hoskinson has recently expressed his dissatisfaction with the Wyoming Stable Token Commission’s decision to exclude Cardano from the Wyoming Stablecoin project. In a video posted on social media, Hoskinson accused the commission of favoritism towards certain blockchains and lack of transparency in the selection process.
Background of the Wyoming Stable Token Project
The Wyoming Stable Token Act, passed in March 2024, paved the way for the creation of the Wyoming Stable Token (WST) backed by cash, U.S. Treasuries, and reverse repos. The project aims to maintain liquidity and stability with strict maturity limits.
Controversy Surrounding Cardano’s Exclusion
Reports emerged that the Commission plans to launch the stablecoin using blockchains like Solana, Ethereum, Avalanche, Stellar, Polygon, and Optimism, excluding Cardano. This decision sparked criticism within the blockchain community due to Hoskinson’s involvement in Wyoming’s blockchain initiatives.
Legal Battle Ahead
Hoskinson argued that Cardano’s exclusion violated Wyoming’s procurement laws and denied the project a fair chance. He dismissed claims of Cardano’s technical shortcomings as baseless and biased.
Furthermore, Hoskinson raised concerns about economic benefits being diverted away from Wyoming-based firms like IOG. He warned that the decision could harm Wyoming’s blockchain ecosystem and hinted at potential litigation to challenge the decision.
In a statement, Hoskinson mentioned that several lawmakers have already voiced their concerns about the decision, indicating potential political ramifications in future elections.
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