QCAD stablecoin of ERC-20 standard released in Canada

A joint venture between 3iQ and Mavennet Systems Canada Stablecorp Inc has announced the launch of the first stablecoin backed byCanadian dollar, called QCAD. According to the official press release, QCAD is built on the Ethereum blockchain using the ERC-20 standard.

«We are glad that we are creating an importantpart of the financial market infrastructure that will serve to digitize capital markets and provide a reliable solution for payments and settlements. QCAD provides an opportunity to set a new standard for transparency and verifiability of digital currencies and will encourage trust and mass adoption of stablekins»- commented the CEO of the Canadian company Stablecorp Gene Dezagan.

Kesem Frank, president of Mavennet Systems, said QCAD is an important milestone for the Canadian financial market, as it will create a “binding relationship” with the world of digital assets.

QCAD will be sold in five Canadiancryptocurrency exchanges DVeX, Newton, Bitvo, Netcoins and Coinsmart paired with Bitcoin, ether and USDC. In addition, Gilded’s open financial platform will enable the enterprise to implement QCAD with integrated payment and accounting solutions.

As you know, at the World Economic Forum inDavos announced the creation of a Global Consortium that will focus on providing a structure capable of managing digital currencies, including stablecoins such as Tether and USDC.

Bank of Canada recently announced joiningsix other central banks to work together to develop a central bank digital currency (CBDC). According to the document, a group of central banks will evaluate such factors as options for using CBDC, the choice of economic, functional and technical schemes, including cross-border compatibility and the exchange of knowledge about new technologies.

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