On May 12, 2025, Charles Hoskinson, the founder of Cardano, announced the launch of a cash-level privacy-protecting stablecoin. The current stablecoin market size has reached $243 billion, while the total market value of stablecoins on the Cardano chain is only $31.5 million. Hoskinson pointed out that people are reluctant to use stablecoins that can be easily tracked for everyday consumption, and this privacy stablecoin proposal aims to fill the market gap and meet users' demand for privacy protection.