Canadian cryptocurrency company, Canada Stablecorp, recently announced that it successfully launched its first mass-market stablecoin. The coin in question, known as QCAD, is pegged to the Canadian dollar.
The company further stated that anyone can buy QCAD directly through some of its partners, including Coinsmart, Netcoins, Newton, Bitvo, or DVeX. The coin is already paired against three different cryptocurrencies, including Bitcoin, Ethereum, as well as another stablecoin — USDC.
Furthermore, the coin is also supported by custodians such as BitGo and Balance, while settlement and payment integration is achieved through Gilded Finance and Bidali.
Details about QCAD
As some may know, Canada Stablecorp is a joint venture created by a blockchain firm Mavennet and a crypto asset manager known as 3iQ. It created its QCAD stablecoin on Ethereum’s network, using a popular standard ERC-20.
The coin comes with full traceability, total stability of Canada’s native fiat currency, and it allows seamless settlements. Canada Stablecorp’s CEO, Jean Desgagne, commented on the move by stating that the company is excited about the creation of this important part of the Canadian financial market infrastructure.
Desgagne further added that QCAD represents a big opportunity to establish a standard of transparency and auditability in the country’s crypto sector. As a result, it will help drive trust, and hopefully adoption of stablecoins.
Mavennet, one of the firms that started Canada Stablecorp, recently secured a procurement contract from the Canadian government. Its plan is to create a steel-tracking platform by using blockchain technology. As for 3iQ, the launch of the stablecoin comes just after the recent approval from the country’s regulator, Ontario Securities Commission that the company was seeking in order to start a Bitcoin Fund.