ADA Blockchain Wants To Host RLUSD Says Cardano Founder

Cardano co-founder Charles Hoskinson confirmed talks with Ripple regarding the RLUSD’s hosting under the ADA blockchain.

Cardano (ADA) and XRP could be poised to mutually benefit from a potential collaboration in the coming year. Charles Hoskinson, Cardano and Ethereum (ETH) co-founder, highlighted such a possibility.

Confirmed Meetings Between Cardano and Ripple

In a recent “Ask Me Anything” (AMA) session, Hoskinson confirmed his participation in several meetings with Ripple’s team. He said their talks mostly centered on the new Ripple USD (RLUSD) stablecoin.

The Ethereum and XRP Ledger (XRPL) chains currently host the stablecoin’s issuance. However, Hoskinson claimed that the company, helmed by CEO Brad Garlinghouse, plans to expand RLUSD’s issuance on other platforms. One of the company’s key considerations is bringing the product to the Cardano blockchain.

Hoskinson praised the team behind RLUSD, calling them “easy to work with,” and said there’s no reason for Cardano to forego partnering with them if given the chance. In addition, he mulled the possibility of incorporating Ripple’s projects with Cardano’s privacy-focused sidechain, Midnight.

The crypto personality disclosed early discussions with David Schwartz, Ripple’s Chief Technology Officer (CTO), over the subject. He revealed that their conversation centered on technical details and collaboration ideas.

Hoskinson added that he was proud of what Ripple had accomplished for the crypto community.

XRP and RLUSD

Alongside Bitcoin’s (BTC) momentous rise to a series of all-time highs since November, XRP has also been displaying massive recoveries. The token may have failed to recapture its historic peak of $3.84 seven ago, but it did reach up to $2.86 by the start of December.

One factor that strongly contributed to XRP’s rise was Donald Trump’s win as the 47th President of the United States, which painted a more crypto-friendly environment in the US. Another was the RLUSD’s successful launch. There was also a positive response from the crypto community to the retirement of Gary Gensler as chairman of the US Securities and Exchange Commission (SEC). However, it has gradually lost momentum against the anticipated “Santa Claus rally” due to the stronger US dollar following the holiday festivities.

The New York Times mainly attributed the US dollar’s current strength to the positive investor sentiment over Trump’s policies once he takes over the Oval Office in January next year. Usually, such a scenario leads to dollar-denominated assets like Treasury bonds or stocks becoming more attractive than Bitcoin and other crypto assets. Hence, there is a shift in market focus from the said assets.

Giancarlo Perlas

Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines. In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013. Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO's core management team, contributing to strategic planning and business development endeavors.