Cardano founder Charles Hoskinson has cited bias in the Wyoming stablecoin’s network selection after the project snubbed notable chains like Cardano, Bitcoin, and Ripple.
The US blockchain adoption reached a new milestone as Wyoming announced it was launching the first fiat-backed, state-issued, fully reserved stablecoin. Wyoming’s stablecoin commission disclosed that the stablecoin—the Wyoming Stable Token (WST)—will debut on selected third-party vendors in 2025.
However, contentions emerged following the third-party vendors’ selection process after the commission overlooked notable networks. In a Monday podcast, Cardano founder Charles Hoskinson frowned at the disdain towards the Cardano and Ripple ecosystem, evident in the selection process.
Hoskinson Cites Bias in the Selection Process
The founder shared a mail he received from the Wyoming Commission highlighting selected networks after careful analysis by the blockchain selection working group. Notably, chains like Ethereum, Solana, Avalanche, Stellar, and Sui made the cut.
However, Cardano and Ripple were overlooked, with the commission citing that the blockchains didn’t meet specific chain requirements for supporting the WST. Hoskinson also mentioned that high-utility chains like Algorand, Tezos, Aptos, and even Bitcoin did not make the list.
As a result, Hoskinson argued that the selection process was opaque and lacked credibility. He also noted that it lacked public evaluation and was filled with conflict of interest as a small group consisting of Consensys and Circle ex-employees made the final decisions.
Furthermore, the founder emphasized the unfair process, disclosing that Ripple and Cardano were not allowed to bid, build, or participate in the WST project. As a result, the bias has given selected chains an unfair competitive advantage.
Cardano Founder Cites Ripple’s Superiority Over Stellar
Hoskinson mentioned XRP’s esteemed prominence as an $84 billion ecosystem with over $12 billion in trading volume. He also stated that the XRPL also has an established payment settlement capability and tested compatibility with stablecoin amid the imminent launch of its native Ripple-USD (RLUSD).
Hence, the selection of Stellar over Ripple was contentious. Hoskinosn likened the scenario to picking Litecoin over Bitcoin, suggesting that it lacked logical reasoning.
Furthermore, Hoskinson insisted Bitcoin’s omission was also suspicious. He mentioned that the premier asset’s strong ties with Wyoming and its prospect as a Treasury reserve asset under the Trump administration made the oversight more illogical.
Cardano Founder Calls for Legal Actions
Meanwhile, Hoskinson urged the excluded blockchains to pursue legal actions against the WST commission. He insisted that the commission would not use taxpayers’ money to create an uneven competitive landscape among digital entities in the United States.
The Cardano founder also urged the XRP and Cardano communities to content the selection decisions. He also encouraged them to advocate for a transparent government procurement process and the inclusion of Cardano, Ripple, and Bitcoin on the list.
Furthermore, Hoskinsoin mentioned that the blockchain space should have zero tolerance for biased decisions and expects an improved process by next year. He insisted that the digital asset industry needs fair competition and open standards to thrive.
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