Solana co-founder Anatoly Yakovenko has criticized a recent proposal by Cardano to convert $100 million of its treasury funds into Bitcoin and stablecoins. Calling the move “extremely foolish,” Yakovenko argued that crypto projects should only hold short-term U.S. government bonds for 18–36 months as emergency reserves, not volatile assets like Bitcoin.
The proposal, put forward by Cardano founder Charles Hoskinson, aims to boost stablecoin liquidity in Cardano’s DeFi ecosystem. While some community members fear such a large ADA sale could hurt the token’s price, Hoskinson insists the market can handle it. He emphasized that Cardano’s current $33 million in stablecoin volume is insufficient to support long-term growth. The plan will be discussed further at the upcoming Rare Evo Annual Event.
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