Canada Stablecorp Inc has announced the official launch of its Canadian Dollar stablecoin “QCAD” for the mass market.
Users can now purchase stablecoin QCAD directly through ecosystem partners DVeX, Newton, Bitvo, Netcoins, and Coinsmart.
📢We are very excited and proud to announce that today we are officially launching #QCAD – the first major Canadian Dollar stablecoin🇨🇦- already supported by ten ecosystem partners ranging from exchanges to custodians to payment processors📢https://t.co/2dPr2MaXid
— Stablecorp Inc. (@stablecorp) February 11, 2020
Trading pairs are offered against Bitcoin (BTC), Ether, and USDC. And is available to the general public, including foreign exchange remittances and other financial products.
Notably, Canada Stablecorp Inc is a joint venture between relatively new blockchain development firms, Mavennet Systems, and crypto-asset manager 3iQ.
Canada Stablecorp CEO Jean Desgagne said, “the coin is supported by Canadian dollars, and serves as a medium of exchange and value.”
“It also allows you to trade, to take positions against other stablecoins in other currencies, USDC in the US,” he said.
QCAD first Canadian dollar stablecoin
Desgagne stated that QCAD is the first Canadian dollar stablecoin design for the mass market. QCAD is a digital asset pegged to the Canadian dollar.
It is built on the Ethereum blockchain by utilizing the ERC-20 standard and also enjoys the full benefits of enabling seamless settlement and full traceability.
Kesem Frank, President of Mavennet Systems, noted, “QCAD is a significant stepping stone for the Canadian financial market, establishing an imperative link to the world of digital assets.”
He added, “We believe the future of equity and bond trading in this country will move towards digital rails. QCAD is also in a position to act as the settlement mechanism for these next-generation solutions.”
Notably, this is taking place after 3iQ recent approval of the Bitcoin Fund from the Ontario Securities Commission.
More firms embracing stablecoin
Since Facebook’s Libra initiative, more awareness attracted to the initiative as more firms have tried to launch theirs. Central bank digital currencies have also witnessed a considerable rise since Libra went public.
Stablecoins have become the fastest growing digital asset, expanding from USD $2.4 Billion in October 2018 to over $4.94 Billion in November 2019.
Africa wasn’t left out as it also announced the launch of its stablecoin, pegged to the Nigerian Naira.