TLDR
Charles Hoskinson defended IOG’s ADA holdings, stating they were earned through building Cardano rather than received as a gift, with an initial value of $8M in 2015
A dispute emerged over a missed USDC integration opportunity in 2021, when the Cardano Foundation allegedly declined a $3M deal
Major stablecoin issuers remain hesitant to support Cardano, citing concerns about DApp adoption and transaction volume
Cardano is preparing for BitcoinOS integration, potentially accessing $1.4T in liquidity, while also developing the Midnight scaling project
ADA was trading at $0.96 as tensions continue within the ecosystem over strategic decisions
Cardano founder Charles Hoskinson has stepped forward to address mounting criticism regarding Input Output Global’s (IOG) ADA holdings and the network’s development trajectory. The blockchain platform, which has been in development since 2015, finds itself at the center of debates over its strategic decisions and ecosystem growth.
Hoskinson took to X to clarify misconceptions about IOG’s ADA holdings, emphasizing that the company earned its tokens through its work in building the Cardano network. “No ADA was ‘given’ to IOG,” Hoskinson stated, detailing that the initial value of IOG’s ADA holdings was approximately $8 million in 2015.
No ada was “given” to IOG. We earned it all. It’s not the people’s money. It’s profit for building Cardano. The original value of IOG’s ada was around 8 million dollars in 2015.
We’ve been here for 9 years building. The CF was given ada as a donation. They have a mandate to…
— Charles Hoskinson (@IOHK_Charles) January 12, 2025
The founder drew a clear distinction between IOG’s holdings and those of the Cardano Foundation (CF), which received its ADA as a donation. According to Hoskinson, the foundation’s mandate includes using these funds for ecosystem development, a point that became central to recent controversies.
A particularly contentious issue emerged regarding a missed opportunity for USDC integration in 2021. Hoskinson revealed that the Cardano Foundation had declined a $3 million deal to integrate Circle’s USDC stablecoin at a time when the foundation’s holdings were valued at nearly $2 billion.
The revelation came amid a heated exchange with a former Cardano Foundation employee who had criticized the network’s progress in integrating stablecoins. Hoskinson responded strongly to these criticisms, stating, “They turned down the deal according to their own employee.”
This dispute highlights a broader challenge facing the Cardano network: major stablecoin issuers, including Circle and Tether, have shown reluctance to support the platform. These companies have cited concerns about the limited number of successful decentralized applications and what they view as insufficient transaction volume.
The current market reflects these ongoing tensions, with ADA trading at approximately $0.96. This price point comes as the ecosystem continues to navigate internal debates about its development priorities and strategic direction.
Cardano Price on CoinGecko
Looking ahead, Cardano is preparing for several technical developments. The network is working on an integration with BitcoinOS, which could potentially unlock access to over $1.4 trillion in liquidity. This integration represents one of several initiatives aimed at expanding the platform’s capabilities.
Additionally, developers are advancing work on Midnight, a scaling project designed to enhance the ecosystem’s performance and capacity. These technical developments continue despite the ongoing debates about strategic direction.
The timing of these developments coincides with potential changes in the regulatory landscape. With President-elect Donald Trump expected to implement a more lenient regulatory approach toward cryptocurrencies, the platform could face a more favorable operating environment.
Hoskinson’s public statements have brought attention to the complex relationship between different entities within the Cardano ecosystem. The founder’s assertion that “dishonest people have no place at IOG” underscores the tensions between various stakeholders involved in the platform’s development.
The debate over stablecoin integration remains particularly relevant as the crypto industry continues to evolve. The missed opportunity with USDC in 2021 represents a decision point that has influenced the network’s current position in the market.
Cardano’s journey from its 2017 mainnet launch to present day illustrates the challenges of building and scaling a blockchain platform. The network’s development has involved multiple stakeholders with different views on how to best advance the ecosystem.
The ongoing work on technical improvements, including the BitcoinOS integration and Midnight scaling project, demonstrates continued development activity despite internal disagreements. These projects represent concrete steps toward expanding the network’s capabilities.
Questions about the potential introduction of a spot ADA ETF remain open, though crypto commentators have expressed optimism about this possibility. This development could represent another avenue for institutional participation in the Cardano ecosystem.
The post Cardano (ADA) Price: Hits $0.96 as Cardano Foundation’s Past USDC Deal Comes to Light appeared first on Blockonomi.