Cardano founder warns of ‘legacy eating crypto’
Charles Hoskinson, the creator of Cardano (ADA) and co- founder of IOHK, raised an alarm in a recent YouTube stream. His message was clear: traditional financial institutions are infiltrating the crypto currency sphere, potentially undermining its founding principles. Broadcasting live on February 12, Hoskinson spoke about the existential concerns he believes are not fully appreciated by mainstream cryptocurrency enthusiasts. Notably, he posited that the industry faces a turning point, emphasizing the dominance of asset-backed stablecoins like USDT and USDC. Additionally, Cardano’s founder criticized the recent celebration of spot Bitcoin ETFs and Wall Street’s possible growing influence. Asset-backed stablecoins and their inherent risks Hoskinson explained these stablecoins’ significant role by sharing data highlighting their contribution to 70% of on-chain transaction volume, overshadowing cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC). Picked for you ...