- Cardano Founder Charles Hoskinson once again came out in support of algorithmic stablecoins.
- He noted that asset-backed stablecoins control 70% of all on-chain transaction volume.
- Hoskinson said that BTC ETFs might lead to a price surge, but “Legacy is eating crypto.”
The founder of Cardano, Charles Hoskinson, has stated that a few top companies control the majority of activity related to Bitcoin and stablecoins and reiterated his support for algorithmic stablecoins.
In a video that Hoskinson shared on social media platform X and YouTube, titled “Legacy is Eating Crypto,” the Cardano founder noted that Circle and Tether control the asset-backed stablecoin industry. He said that USDT and USDC dominate 70% of on-chain volume while representing just 10% of the crypto industry.
Hoskinson said that Circle and Tether are regulated companies and are therefore subject to the jurisdiction where they reside. As a result, if they are made to follow certain local policies, the holders of the stablecoins might face trouble as well.
“I’m not diminishing or saying they’re [Tether, Circle] bad actors and that they’re evil people or something. I’m just sayin…
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