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Cardano Considers Exchanging US$100 Million ADA for Bitcoin to Develop DeFi
The founder of Cardano (ADA), Charles Hoskinson, proposed that US$100 million from the project's ADA cash fund be converted into Bitcoin (BTC) and stablecoins to boost liquidity and strengthen the Cardano DeFi ecosystem.
He referred to this step as a way to revive the DeFi sector, which is currently lagging behind other platforms.
In a live broadcast on YouTube, Hoskinson explained that the funds could be allocated to several stablecoins available on the Cardano network, such as USDM, USDA, and IUSD backed by ADA, as well as a portion allocated to Bitcoin to support BTC-based DeFi projects.
According to him, the ratio of stablecoins to the total value locked (TVL) in Cardano is still very low, at below 10%, far behind Ethereum (ETH) and Solana (SOL) which are above 100%.
Hoskinson emphasized that from a total cash reserve of Cardano amounting to US$1.2 billion or approximately 1.7 billion ADA, only about 5–10% will be used for this strategy, thus it will not have a significant impact on the price of ADA in the market.
"The daily trading volume of ADA is very large, and a sale of US$100 million can be carried out gradually over 30 to 90 days using TWAP, OTC, and other methods, without significantly disrupting the price," he explained.