- Charles Hoskinson accuses the Wyoming Stable Token Commission of excluding Cardano without transparency.
- Wyoming Stable Token (WST) launches in 2025, backed by U.S. Treasuries and cash.
- Hoskinson considers legal action, citing the unfair selection of blockchains for the project.
Cardano founder, Charles Hoskinson vows legal action against Wyoming Stablecoin for allegedly excluding the blockchain from the project. The development brought to the fore transparency concerns in blockchain selection for the 2025 launch.
Charles Hoskinson, founder of Cardano and CEO of Input Output Global (IOG), has come down heavily on the Wyoming Stable Token Commission for keeping Cardano out of the Stablecoin project. In a video posted on X (formerly Twitter) on November 25, the top exec accused the Commission of lacking transparency and favoring select blockchain networks.
The Wyoming Stable Token (WST), a U.S. dollar-backed stablecoin, is slated to launch in the first quarter of 2025. Backed by the Wyoming Stable Token Act passed in March 2024, WST would be supported by cash, U.S. Treasuries, and reverse repos to ensure liquidity and stability. The initiative was welcomed by many; however, the commission managing the project reportedly selected blockchains such as Ethereum, Solana, Avalanche, Stellar, and layer-2 solutions like Polygon and Optimism for WST’s infrastructure.
Cardano Exclusion Raises Transparency Concerns
In his tweet, Hoskinson claimed that despite IOG’s advisory position over the past 18 months, the Commission failed to communicate the criteria or procedures for selecting blockchains. He slammed the decision-making process as non-transparent, saying, “We were left completely in the dark regarding how these networks were chosen.” While the Commission has yet to respond, the omission has prompted Hoskinson to threaten legal action, asserting that the Commission’s actions undermine fair competition and transparency within the blockchain space.
The exclusion of Cardano, a blockchain network lauded for its scalability and security, has sparked debate among the crypto community. Many believe Cardano’s absence from the project raises questions about the selection criteria and whether it adequately prioritized decentralization and technological robustness.
Hoskinson’s outspoken reaction underscores the importance of transparency in blockchain adoption, particularly for government-backed projects like Wyoming’s stablecoin. While the Commission has yet to respond to these allegations, this controversy highlights the ongoing competition among blockchain networks to secure prominent roles in pioneering projects
