Cardano's Charles Hoskinson Responds to Critics, Addresses USDC Integration.

In a recent X (formerly Twitter) exchange,

Charles Hoskinson, cofounder of Cardano

(ADA), responded to criticisms regarding

the integration of Circle's USDC into the

Cardano blockchain. The conversation was

sparked by a tweet from a user named Alf

Vault #119, expressing frustration about

the perceived lack of transparency and

urgency regarding a potential $10 million

investment to bring USDC to the Cardano

chain.

Hoskinson's response shed light on the decentralized nature of Cardano's ecosystem, emphasizing the importance of community involvement and governance. The Cardano cofounder conveyed that Cardano possesses a Treasury and operates with community governance.

He suggested the formation of a working group at Intersect, encouraging discussions with relevant parties, obtaining price quotes and requirements, advocating for community voting to sanction the plan and allocate funding, and subsequently executing the proposed actions. Hoskinson argued that decentralization requires active participation from the community, from decision-making processes to the execution of plans.

Cardano-USDC conundrum.

The criticism and subsequent response highlighted the ongoing challenge of integrating USDC into the Cardano ecosystem. The main hurdles include the absence of native stablecoin options on Cardano and difficulties in bridging assets from other blockchains. Unlike Ethereum (ETH), where USDC is native, on Cardano, it is represented as an ERC-20 asset and bridged with CNT representation.

This necessitates transferring USDC from other blockchains, such as Ethereum, to the Cardano network, introducing potential issues such as fees and restrictions.

Despite the challenges, efforts are underway to overcome these obstacles and tap into the immense potential for growth within the Cardano ecosystem.