ADA Declines Amid Charles Hoskinson's Proposal to Convert $100 Million from Cardano's Treasury to Stablecoins

Cardano founder Charles Hoskinson proposed converting $100 million from ADA to stablecoins and Bitcoin.

The capital reallocation strategy aims to strengthen Cardano's decentralized finance ecosystem.

ADA has dropped by more than 4% in the past 24 hours and is now targeting support at $0.60 after facing rejection at the upper limit of a descending channel.