Canada Stablecorp launches Canadian Dollar Stablecoin "QCAD"

Canada Stablecorp has recently launched Canadian Dollar stablecoin "QCAD". The stablecoin is built on top of the Ethereum blockchain leveraging ERC-20 standard.

3i and Mavennet Systems, Canada’s largest crypto asset manager, jointly formed Canada Stablecorp.
Recently, 3i received the approval for Bitcoin Fund with the Ontario Securities Commission

Each QCAD stablecoin is pegged against a stable value of one Canadian Dollar. Some of the use cases currently listed on the Stablecorp website are, Instant bridge asset between cryptocurrencies and fiat, Online FX solution through stablecoin-to-stablecoin trading and Inter & Intra Canada Transfer / Payment rail that is uniquely cheap and fast.

Executive Opinion

CEO of Canada Stablecorp, Jean Desgagne, said, "We are excited to be creating an important piece of financial market infrastructure for Canada that will serve the digitization of capital markets and provide a robust payment and settlement solution. QCAD represents a significant opportunity to set a new standard of transparency and auditability in digital currencies and will help drive trust and mass adoption of stablecoins."

President and CEO of 3iQ Corp, Fred Pye, said, "We believe the future of equity and bond trading in this country will move towards digital rails. QCAD is in a position to act as the settlement mechanism for these next generation solutions."

Canadian stablecoin “QCAD”

It should be noted that there are no fees in sending and receiving QCADs. The standard Ethereum blockchain network fees are still applicable.

QCAD is available for buying through ecosystem partners DVeX, Newton, Bitvo, Netcoins, and Coinsmart. Cryptocurrency custodians Balance and Bitgo will fully support QCAD stablecoin. Payment and settlement integration is available through Bidali and Gilded Finance, notes the announcement.

We referred to EtherScan for QCAD and found that there is a supply of 150,350 QCAD at Ethereum contract address 0x4A16BAf414b8e637Ed12019faD5Dd705735DB2e0