Will Foundation Buy Bitcoin (BTC)?

Cardano co-founder Charles Hoskinson has floated the thought of changing $100 million value of ADA tokens into bitcoin

and stablecoins.

“We could take $100 million of ADA in the treasury, convert it to a blend of stablecoins incumbent in Cardano so USDM and USDA and convert some of it in bitcoin to prime bitcoin DeFi,” Hoskinson mentioned on a YouTube reside stream.

He then hit again at critics that claimed a $100 million sale would affect the value of ADA, calling them “inexperienced” earlier than including that the sale “would not cause any problems at all.”

The objective of the sale could be getting the ratio of stablecoin issuance and TVL to round 30% to 40% versus the present roughly 10%.

Total worth locked on Cardano stands at $356 million with simply $31 million value of stablecoins minted on-chain, DefiLlama knowledge exhibits.

Solana in the meantime has $9.8 billion in TVL and $11 billion value of stablecoins minted on-chain.

In a tweet Hoskinson mentioned that the stablecoin scenario is “killing Cardano” and that the proposal would generate “non-inflationary revenue” and assist construct the Cardano DeFi economic system.

Hoskinson’s feedback are at odds with these of Cardano Foundation CEO Frederik Gregaard, who instructed CoinDesk in March that TVL just isn’t a metric he used for adoption.