Cardano founder Charles Hoskinson has criticized banks for their attempts to replicate blockchain projects like XRP and Midnight, describing these efforts as lacking ambition. Hoskinson highlighted that traditional finance systems are significantly less advanced compared to public blockchains, noting that XRP operates at a scale 100 times greater. He specifically criticized the Canton Network’s U.S. Treasury tokenization project as a weak imitation of Web3 capabilities. Hoskinson also emphasized that Midnight, a Cardano sidechain, is being developed with a focus on privacy, compliance, and chain abstraction, potentially transforming interactions between regulated and decentralized systems by 2026.