Hoskinson Critiques WST Project’s Blockchain Selection Process

• Hoskinson criticizes the WST project for excluding XRP, which he believes could have boosted liquidity.
• The WST project’s shift from multichain to Ethereum limited blockchain options and innovation.
• Hoskinson calls for more transparency and fairness in blockchain selection processes in the future.

Charles Hoskinson criticized the blockchain selection process for Wyoming’s Stablecoin (WST) project, saying it unfairly excluded several blockchain projects, including XRP.

Hoskinson said XRP was left out of the process, which he believes resulted in a liquidity loss for the XRP Ledger. His remarks responded to statements made by crypto influencer Ben Armstrong, sparking debate about the WST project’s blockchain selection.

XRP’s Lost Opportunity

Hoskinson said Ripple’s XRP could have benefited from participating in the WST project. He argued the project would have provided a valuable liquidity boost to the XRP Ledger.

Hoskinson saw Ripple’s involvement with the RLUSD stablecoin as a great opportunity. He implied that Ripple’s participation could have resulted in the issuance of millions of dollars in stablecoins, increasing liquidity on major exchanges and boosting XRP’s presence.

However, the WST project chose Circle, overlooking Ripple’s offering. Hoskinson believes XRP’s capabilities would have been showcased on a larger scale if it had been allowed to participate.

Bias Allegations

Hoskinson criticized the exclusion of Cardano, XRP, and Bitcoin from the blockchain selection process. He sees this as a need for more fairness and inclusivity in blockchain adoption.

Read also: XRP, ADA Excluded from Wyoming Stablecoin Project: Lawsuit Brewing?

Hoskinson suggests that limiting the choices to only specific blockchains reduces competition and innovation. The Cardano founder has called for more transparency and openness in future blockchain initiatives, arguing that allowing multiple blockchain projects to demonstrate their capabilities would improve the entire crypto industry.

Shifting Focus: The WST Project’s Multichain Intent

Hoskinson also said the WST project, envisioned as a multichain solution to compete with offerings from Circle and Tether, had shifted in direction. According to Hoskinson, Anthony Apollo’s involvement caused the project to focus on Ethereum, abandoning its original multichain goal.

This change, he says, resulted in a more opaque evaluation process, which limited the opportunity for other blockchain projects to present prototypes.

Despite the setbacks, Hoskinson acknowledged Ripple’s success in securing NYDFS approval for its RLUSD stablecoin. While this was a step forward for Ripple, he said it could not compensate for the missed opportunity in Wyoming.