Cardano founder Charles Hoskinson clarifies that Input Output Global (IOG) won't use its ADA holdings to fund USDC integration. He explains the difference between IOG's and the Cardano Foundation's mandates, noting the Foundation's responsibility to spend donated ADA on ecosystem development.
Input Output Global ( IOG ), the blockchain research and engineering company behind the Cardano blockchain, will not contribute its ADA holdings to fund the integration of Circle's USDC stablecoin. Hoskinson explained that IOG is not obligated to use its private profits to finance such an ecosystem initiative. Meanwhile, the Cardano Foundation (CF), a Switzerland-based blockchain organization, was specifically given ADA tokens in the form of a donation.
\'They have a mandate to spend it on the ecosystem. That's the difference,' he said. Earlier today, Hoskinson clarified that the CF had an opportunity to integrate Circle's USDC for a total of $3 million when it had a total of $2 billion in total assets. However, this deal was turned down. The Cardano founder has accused a former CF employee of attempting to 'rewrite history' with a recent post about Cardano's apparent failure to integrate stablecoins. \Major stablecoin issuers such as Circle and Tether are allegedly hesitant to add support for Cardano due to concerns over the lack of successful decentralized applications and insufficient transaction volume. The USDC stablecoin is currently available on a total of 16 blockchain networks, including Arbitrum, Polkadot, Stellar, and Hedera
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