Charles Hoskinson Believes XRP Suffered a Major Setback During the Wyoming Stable Token (WST) Project

Charles Hoskinson, the founder of Cardano, argues that XRP suffered a significant setback during the Wyoming Stable Token (WST) project.

Cardano founder Charles Hoskinson has slammed the Wyoming Stable Token (WST) project, arguing that XRP suffered a major setback during the initiative.

Over the past few weeks, Hoskinson has been actively criticizing the process of selecting blockchains for the WST project. He has maintained that the selection was unfair and biased, ultimately sidelining Cardano and other significant projects.

While Ripple recently managed to secure approval for its RLUSD stablecoin from the New York Department of Financial Services (NYDFS), Hoskinson believes that the XRP Ledger (XRPL) lost a crucial opportunity to expand its liquidity and visibility.

Examining XRP’s Liquidity Impact

Hoskinson insists that the WST project could have played a pivotal role in boosting liquidity for the XRPL.

He explains that Ripple’s RLUSD system was designed to compete directly with solutions offered by Circle. However, the WST initiative opted to integrate Circle’s project rather than utilizing Ripple’s infrastructure.

According to Hoskinson, if Ripple had been included in the process, Wyoming could have issued tokens valued in the millions using the RLUSD infrastructure. This would have integrated XRP into major exchanges, providing a benefit that Ripple ultimately missed out on.

Allegations of a Conspiracy in the Selection Process

Hoskinson has levied accusations that powerful organizations such as Consensys, Circle, and BlackRock worked together to influence the selection of blockchains for the WST project.

He claims that individuals with connections to these groups held key positions on the commission responsible for making the decision. As a result, he alleges that the commission was biased in favor of Ethereum-based solutions.

Hoskinson has repeatedly highlighted the fact that Cardano, XRP, and Bitcoin were unfairly excluded from the project due to this alleged collaboration.

Tracking the Abandonment of the WST Multichain Vision

Initially, the WST project was intended to support multiple blockchains.

Hoskinson maintains that this vision was altered when Anthony Apollo, the executive director of the WST commission, became involved. Apollo, who has a background with Consensys, allegedly shifted the project’s focus toward Ethereum.

As a consequence, the initial plan to evaluate prototypes for various blockchains was abandoned in favor of a closed and exclusionary process.

Also Read: Stellar vs XRP: A Deep Dive into the Key Differences

Stellar vs. XRPL: A Contentious Choice

The decision to integrate Stellar into the WST project over the XRPL has sparked significant debate.

Hoskinson draws attention to the vast disparities between the two projects. The XRPL boasts a market capitalization of $140 billion and daily trading volumes in the tens of billions. In contrast, Stellar has a market cap of $13 billion and daily trading volume of only $1 billion.

Despite these differences, Stellar was ultimately selected. Hoskinson questions how Stellar could have outperformed Ripple’s technology based on the scoring criteria, and he describes the decision as inconsistent.

Hoskinson Persists in Criticizing the Wyoming Stablecoin Initiative

Throughout his interactions with the community, Hoskinson has not shied away from expressing his dissatisfaction with the selection process for the WST project.

He maintains that the exclusion of Cardano, XRP, and Bitcoin from the project highlights a lack of fairness in the adoption of blockchain technology. He believes that this has broader implications for the crypto ecosystem, as it stifles innovation and competition.

By raising these concerns, Hoskinson aims to promote transparency and inclusivity in future blockchain initiatives.

Highlighting Ripple’s Success with RLUSD: A Missed Opportunity

While Ripple certainly achieved a milestone with the NYDFS approval for its RLUSD stablecoin, Hoskinson argues that this success cannot fully compensate for the missed opportunity in Wyoming.

He emphasizes that the WST project could have showcased Ripple’s capabilities on a much grander scale. Instead, the biased selection process left Ripple on the sidelines.

Hoskinson suggests that Ripple’s RLUSD infrastructure was uniquely suited to meet the needs of the WST project. However, this potential remained unrealized.