Charles Hoskinson, the founder of Cardano, has publicly criticized the Wyoming Stable Token Commission’s recent blockchain network selections for the state’s upcoming stablecoin, the Wyoming Stable Token (WST). In a livestream titled “XRP and Wyoming” broadcasted on November 25, 2024, Hoskinson questioned the commission’s opaque selection process and raised concerns about potential conflicts of interest.

The Wyoming Stable Token Commission announced the initiation of its procurement process for WST, expected to launch in 2025 as “the first fiat-backed and fully reserved stable token issued by a public entity in the United States.” The commission intends to engage qualified third-party vendors to facilitate the development, deployment, and management of WST and its underlying reserves.

The selected blockchain networks for the initial deployment are: Solana, Avalanche, Stellar and Ethereum, inclusive of Layer 2 networks like Polygon, Arbitrum, Base, and Optimism. These selections were determined by the commission’s Blockchain Selection Working Group, a process that Hoskinson described as “very opaque.”

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Hoskinson expressed bewilderment over the exclusion of prominent blockchain networks such as the XRP Ledger and Cardano from the selection. He highlighted Ripple’s RLUSD and questioned how Stellar qualified over Ripple, given their shared history and Ripple’s substantial market presence.

“Let me get this straight: apparently Stellar can do stuff that Ripple can’t do according to the scoring criteria,” Hoskinson remarked. “Ripple just announced the launch of RLUSD, and the last time I checked, when we look at market cap here, look at XRP—an $84 billion ecosystem with almost $12 billion in trading.”

Cardano, with a market cap of $34 billion and a trading volume of $3.2 billion, was also excluded. Other notable exclusions include Algorand, Tezos, and Aptos. “Dozens and dozens

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Author: Jake Simmons