In a recent video titled “Legacy is Eating Crypto,” Cardano founder Charles Hoskinson has expressed concerns about the increasing centralization of power in the cryptocurrency industry. Hoskinson specifically highlighted the dominance of a few top companies in the Bitcoin and stablecoin sectors, arguing that this poses risks to users and undermines the decentralized nature of crypto.
Centralization Of Stablecoins
Hoskinson pointed out that asset-backed stablecoins, such as Tether (USDT) and USD Coin (USDC), control a significant portion of the stablecoin market. He noted that USDT and USDC alone account for 70% of on-chain volume while representing only 10% of the entire crypto industry.
Hoskinson expressed concerns about the regulatory risks associated with these centralized stablecoins. Since the issuers of these stablecoins are regulated entities, they are subject to the laws and regulations of the jurisdictions in which they operate. This means that the holders of these stablec
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