Cardano Founder Slams Wyoming Stablecoin Process

Cardano founder Charles Hoskinson has voiced strong concerns about the Wyoming stablecoin project, alleging unfair practices and procedural misconduct. During a November 25 livestream, Hoskinson detailed how the project, which he and Input Output Global (IOG) supported for over a year, excluded Cardano and other blockchain platforms from consideration, raising questions about fairness and legality.

Hoskinson recalled the initial optimism surrounding the Wyoming legislature’s crypto law, which aimed to create a state-backed stablecoin. He said IOG played a significant role during the project’s development, offering advice on compliance, issuance processes, and strategies to compete with established stablecoins like Circle and Tether. Despite their involvement, Hoskinson criticized the appointment of an executive director from the Ethereum ecosystem who prioritized Ethereum over the multi-chain approach originally intended by the bill's authors.

He claimed the selection process for blockchain platforms was unfair, describing it as opaque and biased. According to Hoskinson, Cardano was excluded without any opportunity to appeal or demonstrate its capabilities. “The process gave an unfair competitive advantage to other ecosystems,” he stated, calling it both illegal and unconstitutional. He also noted that thousands of other blockchain platforms were similarly excluded, undermining Wyoming’s reputation as a leader in crypto innovation.

Hoskinson highlighted the broader implications of these actions, warning that Wyoming risks losing its position as a crypto-friendly state if such practices continue. “If Wyoming wants to retain crypto businesses, it must uphold the rule of law and ensure fair treatment,” he emphasized. He mentioned that several Wyoming lawmakers share his concerns and are questioning whether the project should be repealed or defunded.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 a resolution, stating that IOG is exploring all options, including potential legal action. “This is just the beginning; we’ll get it sorted out,” he declared, emphasizing his intent to pursue justice.

Hoskinson’s remarks reflect his dedication to ensuring fair competition and maintaining Wyoming’s standing as a hub for blockchain innovation. He warned that without adherence to the rule of law, Wyoming could lose its appeal to crypto businesses, jeopardizing its future in the industry.