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ADA declines amid proposal to convert 100 million dollars from Cardano's treasury into stablecoins
06/13/2025 22:27:00 GMT
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By
Michael Ebiekutan
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VERIFIED Translation
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ADA declines amid proposal to convert 100 million dollars from Cardano's treasury into stablecoins
Cardano's founder, Charles Hoskinson, suggested converting 100 million dollars in ADA into stablecoins and Bitcoin.
The capital reassignment strategy aims to boost Cardano's DeFi ecosystem.
ADA has decreased more than 4% in the last 24 hours and is now seeking support at 0.60$ after facing rejection at the upper limit of a descending channel.
Cardano (ADA) fell 4% on Friday as Cardano's founder, Charles Hoskinson, proposed converting 100 million dollars in ADA into stablecoins and Bitcoin (BTC) to boost the issuance of stablecoins in its ecosystem.
ADA falls 4% amid proposal for allocation of Cardano's treasury
Cardano co-founder, Charles Hoskinson, has suggested converting 100 million dollars in ADA tokens into Bitcoin and stablecoins. In a YouTube video on Friday, Hoskinson discussed the low issuance of stablecoins from Cardano within its DeFi ecosystem.
"Cardano has a disproportionately low stablecoin issuance relative to our DeFi. It's just below 10%," said Hoskinson in the YouTube video recording.
There are approximately 31 million dollars in stablecoins on the Cardano network, compared to 273 million dollars in its total value locked (TVL), according to DefiLlama data. Hoskinson also shared that the Cardano Foundation's treasury does not hold any yield-generating instruments. This could be a significant issue for Cardano, particularly given the high market volatility in recent months, he stated.
