Charles Hoskinson

Charles Hoskinson Criticizes Circle’s Influence on Crypto Market, Hints at Potential Ripple Partnership for Cardano

Charles Hoskinson, the founder of Cardano, is once again stirring the pot in the crypto space, this time reigniting his feud with Circle, the second-largest stablecoin issuer. In a recent post, Hoskinson criticized Circle for what he deemed its harmful impact on the industry, particularly during hard forks. According to Hoskinson, Cardano is better off without integrating Circle’s USDC stablecoin into its network, emphasizing the chain’s commitment to decentralization and autonomy.

The controversy stems from Circle’s behavior during network upgrades, where it selectively decides whether to support a hard fork. Hoskinson pointed to the Ethereum network’s transition from Proof of Work (PoW) to Proof of Stake (PoS) in 2022 as a case in point. At that time, Circle publicly announced that USDC would only operate on Ethereum’s new PoS consensus and would not support any PoW forks. This stance, Hoskinson claims, exemplifies Circle’s tendency to prioritize its own interests over those of the networks it operates on.

Further fueling the fire, Hoskinson shared an insider revelation from the Cardano Foundation’s CEO, Frederik Gregaard. Gregaard disclosed a failed attempt to integrate USDC into Cardano during a meeting with Circle executives in the UAE. Hoskinson recalled that in 2021, the Cardano Foundation had turned down a $3 million offer from Circle to integrate USDC, only to see the offer balloon in value years later.

In contrast, Hoskinson seems more enthusiastic about integrating Ripple’s RLUSD stablecoin into the Cardano ecosystem. He recently discussed the potential partnership with Ripple executives, including CEO Brad Garlinghouse and CTO David Schwartz. With support from the XRP Ledger community, Hoskinson is now focusing on accelerating this collaboration, viewing it as a more beneficial path for Cardano than relying on Circle’s USDC.

Also Read: Cardano Price Eyes Recovery as Charles Hoskinson Burns $100M in ADA Meme Coins

As Hoskinson continues to make waves in the crypto community, his stance on Circle reflects broader debates around decentralization, ecosystem control, and the future of stablecoins in blockchain networks.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

About The Author

xrp-ripple Previous post XRP’s 280% Surge: Ripple’s Historic Q4 2024 Marks a New Era of Institutional Demand and Regulatory Breakthroughs
ethereum-ETFs Next post Ethereum on Edge: Can ETH Surge Past $4,000 Following Bitcoin’s Steady Consolidation?