Cardano founder Charles Hoskinson recently commented on XRP and mainstream stablecoins, stating that XRP is more like a "Web 2.5 product" connecting traditional finance and the blockchain system. He believes that compared to USDT and USDC, XRP's advantage lies in its more open underlying network, meaning developers and enterprises do not need permission from a single company to access it.

The focus is on open access

Hoskinson's comparison focuses not on price, but on network control. He stated that XRP Ledger maintains its open and permissionless nature, allowing external teams to develop products directly on-chain without prior approval from Ripple.

According to this view, XRP occupies a position between the traditional financial system and decentralized blockchain, capable of handling real-world scenarios such as payments while retaining the characteristics of an open protocol. Hoskinson also stated that he favors open standards, open protocols, and open ecosystems.

Stablecoin issuers retain greater control

He compared this to Tether and Circle. While USDT and USDC have become important tools for crypto payments and on-chain settlements, the issuers themselves still retain considerable control, including the ability to freeze funds, blacklist addresses, or restrict access under certain circumstances.

This is also why he believes the two types of products are significantly different. As the crypto industry continues to expand into global payments, asset tokenization, and digital banking, whether the underlying network allows permissionless access is becoming a key differentiator in the competition.

Competition among stablecoins continues to intensify.

Hoskinson made these remarks as the stablecoin market continues to expand. DefiLlama data shows that as of May 2026, the total market capitalization of fiat-backed stablecoins has exceeded $322 billion.

Last year, adjusted stablecoin trading volume approached $11.45 trillion, indicating that this sector is no longer just a tool within the crypto market, but is also extending into broader payment infrastructure.

Meanwhile, stablecoin regulation is becoming a more prominent policy issue in Washington, D.C. U.S. lawmakers are debating crypto legislation related to payment systems and banking regulations, extending industry competition from on-chain products to regulatory and compliance matters.