Charles Hoskinson, the founder of Cardano, proposed converting $100 million worth of ADA reserves into Bitcoin (BTC) and Cardano-based stablecoins (USDM, USDA) to strengthen the ecosystem.
Hoskinson emphasized in his live broadcast that Cardano's DeFi and stablecoin infrastructure needs to be developed, suggesting that a significant portion of ADA reserves should be converted to Bitcoin and stablecoins in the Cardano ecosystem. Rejecting concerns that this proposal would create negative effects on the market, Hoskinson stated that such a transaction would not adversely affect liquidity.
Hoskinson's goal is to increase the TVF (total value locked) rate of stablecoins, which is currently around 10%, to between 30-40%. While the total value locked in the Cardano ecosystem is around $356 million, the amount of stablecoins is only at $31 million.
Different Opinion from the Foundation CEO
On the other hand, Cardano Foundation CEO Frederik Gregaard argues that the TVF rate is not a healthy indicator of adoption in the ecosystem. In contrast, Hoskinson states that the lack of stablecoins negatively affects Cardano's growth, arguing that increasing the supply of stablecoins would 'generate income without causing inflation.'
Comparison with Competitors
For example, while the total value locked on the Solana (SOL) network is at $9.8 billion, the amount of minted stablecoins has surpassed $11 billion. Cardano is expected to gain a more competitive position against rivals like Solana with this strategic move.
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