Cardano founder Charles Hoskinson has hinted towards plans to integrate Ripple’s RLUSD stablecoin on the network when it launches. He made the announcement earlier today during a podcast, where he also discussed a meeting with Ripple executives David Schwartz and Brad Garlinghouse. The two camps look set to agree to work together after years of playing opposition in the crypto industry.
Ripple’s stablecoin RLUSD has been in the works for a while, with the firm waiting on approval from regulators. According to the firm, once they get the green light from the New York Department of Financial Services (NYDFS), the stablecoin will be deployed on the XRP Ledger and Ethereum blockchain. From the looks of things, if things go well during the meeting, it could be coming to Cardano too.
Charles Hoskinson reveals his intention for RLUSD
According to Charles Hoskinson, he wants to integrate Ripple’s RLUSD on the privacy-focused side chain on Cardano Midnight. The side chain uses two tokens, with NIGHT for transactions and DUST for staking and governance. Hoskinson wants to add RLUSD as an alternative currency on the platform, using it alongside XRP. Hoskinson said RLUSD could help with the functionality and privacy of midnight, noting that it would be a nice move to add XRP to the platform.
Hoskinson believes that the addition of both tokens will interest developers and users. The dual token nature of the system helps its governance and transaction, but RLUSD could offer stability to its financial system. The move could also be boosted by the chain’s smart contract open-source toolkit Marlowe, with Hoskinson noting that both tokens would enjoy more benefits than Cardano.
In his statement, Hoskinson noted that the tools offer the right fit for Ripple’s functionality on the platform. He highlighted that the stablecoins’ use cases could also increase, using Marlowe to achieve the feat. This way, RLUSD will become versatile, with Hoskinson noting that the integration has the perfect room to work.
Hoskinson’s beef with the Ripple community
Hoskinson and the Ripple community have not seen eye to eye for years, with the Cardano founder calling the community trolls. The Ripple’s legal tussle with the SEC heightened the issue, with Hoskinson trolling the community during the peak period of the trial. However, Charles apologized to the community last week, saying he wants things to change.
After his apology, he opened the door to future collaborations, noting that he will only engage in constructive criticism henceforth. Meanwhile, Charles is not a stranger to controversies, courting them in his early days of Ethereum’s formation. He split from Vitalik Buterin over his idea of moving Ethereum to a profit-based model, which Buterin outrightly rejected.
After the fallout, he created Cardano, marketing it as a better blockchain than the others. He also spent the years criticizing Buterin’s move, saying that he runs Ethereum like a dictator. But now, he wants things to change, calling on every blockchain to unite to push the crypto industry. Hoskinson noted that if they were to make the move, they could grow the market worth trillions.