September 21, 2023

Canada Stablecorp to develop Canadian dollar-linked stablecoin QCAD

Canada Stablecorp has announced the development of the QCAD stablecoin based on the Ethereum blockchain. QCAD will be the first stablecoin pegged to the Canadian dollar, and will comply with the ERC-20 standard.

Canada Stablecorp is a joint3iQ Investment Fund Manager, which received regulatory approval in October to launch a Bitcoin investment fund, and Canadian startup Mavennet Systems. According to the CEO of Canada Stablecorp, Jean Desgagne (Jean Desgagne), QCAD will become a means of payment, as well as allow settlements and trading with other stablecoins, for example, USDC.

According to the developers, QCAD is consistentKYC regulations and anti-money laundering laws. The stablecoin will be traded on five Canadian cryptocurrency exchanges - DVeX, Newton, Bitvo, Netcoins and Coinsmart - which will conduct their own KYC and AML checks in accordance with current regulatory requirements. Degane emphasized that investors from all over the world will be able to trade stablecoin on these exchanges.

“QCAD is no worse than the dollar, and will remain soeven after 20 years. Our stablecoin is just a tool for exchange, therefore it is in no way connected with the law on securities. We are creating a tool similar to the traditional financial infrastructure, only in digital form, ”Degane said, adding that he hopes that QCAD will contribute to the digitalization of Canada’s financial market.

Note that according to a study conducted byThe Bank of Canada and the Ontario Securities Commission in 2018, cryptocurrencies are gaining popularity in the country, and according to last year's data from the Canadian Digital Chamber of Commerce, blockchain has become one of the highest paid industries in Canada.