Cardano’s Input Output taps Algorand ex-CEO for ambitious stablecoin venture News ▸ Cardano ▸ Stablecoins
Cardano’s Input Output taps Algorand ex-CEO for ambitious stablecoin venture
Cardano-based stablecoins have struggled for market share despite the popularity of these assets.
2 min read
Updated: Oct. 25, 2023 at 12:06 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Input Output Global (IOG), the company behind Cardano (ADA), has appointed two former Algorand (ALGO) executives to lead its new stablecoin-focused venture.
In an Oct. 23 statement, IOG revealed that it had appointed Sean Ford, a former CEO of Algorand, to helm the affairs of the unnamed stablecoin venture. David Markley, another former executive from the same rival blockchain network, would support him as COO.
IOG did not provide additional information about its new stablecoin company.
IOG CEO Charles Hoskinson highlighted the new venture’s important role in “developing stablecoins and other payment solutions” that would help the blockchain industry realize its mission and fully protect its values.
“We have a unique opportunity to bring interoperability, security, and proper governance to our industry backed by our first principles research and evidence-based software approach. I believe this will deliver the promise of cryptocurrencies to the developing world and improve the systems of developed markets,” Hoskinson added.
Ford corroborated this view, saying he was excited “to create and launch the next generation of stable assets.”
Stablecoins are pivotal to the emerging industry as they are heavily used for remittances and payments. They are digital assets designed to maintain value irrespective of the market fluctuations associated with the broader crypto sector. Data from CryptoSlate shows that the space currently boasts a market capitalization of $125 billion, underscoring its relevance to users.
Despite the widespread popularity of stablecoins, Cardano has faced challenges in gaining a significant market share, even with the introduction of projects like DJED, USDA, and others. Currently, stablecoins issued on Ethereum and Tron continue to dominate, collectively holding nearly 90% of the market, according to DeFillama data.
Meanwhile, the stablecoin sector has faced heightened regulatory scrutiny across the globe due to the failure of Terra’s algorithmic stablecoin last year. Regulators in the U.S. and Singapore are introducing new regulations to better protect people under their jurisdictions.
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Posted In: Cardano, Stablecoins
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Algorand
$0.34243
Algorand removes the technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security.
Djed
$1.00161
Djed is the first over-collateralized ADA-backed stablecoin contract on the Cardano network.
Input Output
Input Output Hong Kong (IOHK) is a research and development company committed to using the peer-to-peer innovations of blockchain to build accessible financial services for all.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.