Cardano founder Charles Hoskinson has responded to backlash after Japanese financial giant SBI Holdings chose to partner with the Solana Foundation instead of Cardano. The deal, which focuses on developing stablecoins and tokenizing real-world assets in Japan, has stirred frustration among Cardano supporters who view Japan as a key market for the project.
Why Cardano Holders Are Frustrated
The partnership announcement from SBI quickly upset many in the Cardano community. Japan holds a special place in Cardano lore because during the project’s early days, nearly 90% of ADA’s initial token sale came from Japanese investors. So seeing SBI back a rival blockchain like Solana felt like a betrayal to some.
Cardano community member Brandolf called the move “a blow in the face of the whole Cardano community.” Many users also questioned why Cardano couldn’t land such a major partnership in what they consider one of its strongest markets.
Hoskinson Pushes Back
Hoskinson responded on X, rejecting the criticism. He argued that commercial partnerships need organizations with proper funding and a clear mandate. “Why would it be? We started there, but we need commercial representation to make these deals,” he said.
He told the community that if they want more partnerships, they should use Cardano’s treasury to fund organizations responsible for signing commercial agreements. “If you want them, then pay for them. Use the treasury to finance an initiative and seal deals,” he added.
Questions About EMURGO’s Role
The conversation soon turned to EMURGO, Cardano’s commercial arm based in Tokyo. Brandolf argued that EMURGO already exists to build business partnerships in Japan. However, Hoskinson responded that neither EMURGO nor the Cardano Foundation is under contract to pursue specific deals. “They aren’t going to do it, and, like the CF, there is no contract to compel them. Stop complaining and assign it to someone else,” he said.
Meanwhile, Cardano’s price has been under pressure. ADA dropped 11.5% over the past week, falling from around $0.1893 to nearly $0.1585. The first key resistance level to watch is $0.1640. If ADA fails to break and hold above that, selling pressure could push the price back toward its July 1 low near $0.1427.
