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Cardano plans to convert 100 million ADA into Bitcoin and stablecoin, with Solana co-founder calling it "stupid".
Gate News bot message, regarding the proposal from Cardano to convert 100 million USD worth of ADA in its treasury to Bitcoin and stablecoins, Solana Labs co-founder Anatoly Yakovenko bluntly called the decision "stupid," deeming it a reflection of poor financial management and damaging to the confidence of the ADA community.
In response, Cardano founder Charles Hoskinson emphasized that the goal of this strategy is to strengthen the construction of stablecoin and DeFi infrastructure. Hoskinson stated that the formal proposal will be submitted on the Rare Evo platform.
Source: CryptoSlate