The joint venture Stablecorp has announced the release of Stable Coins QCAD, which is linked to the value of the Canadian dollar. The crypto currency is pushing for mass adaptation and is to be integrated into international payment transactions in the future.
Canada Stablecorp has officially announced the introduction of the Stable Coin QCAD. The crypto currency is tied 1:1 to the Canadian dollar and will be used for business-to-business transactions and real-time processing in complex value chains. Users can purchase QCAD directly from Stablecorp and trade on the Canadian crypto exchanges DVeX, Newton, Bitvo, Netcoins and Coinsmart.
Stable Coin QCAD is designed for the mass market
Canada Stablecorp is a joint venture between 3iQ, Canada’s largest crypto-asset manager, who recently received approval to launch a Bitcoin fund, and the company Mavennet Systems, which develops block chain networks. QCAD is the first token issued by Stablecorp and represents the value of the Canadian dollar.
QCAD runs as an ERC-20 token on the Ethereum Blockchain. According to the press release, the asset will also be transferred to other networks in the future. QCAD is also the first stable coin linked to the Canadian dollar that is designed for the mass market. The coin could thus make a significant contribution to the digitalization of the Canadian financial markets.
Jean Desgagne, CEO of Canada Stablecorp, emphasizes the function of the stable coin as a catalyst for the digitalization of the capital markets:
“We are pleased to create an important piece of financial market infrastructure for Canada that will serve the digitization of the 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 to promote the trust and mass use of stable coins”.
QCAD is designed as both a payment and settlement solution and is supported by cryptosecure service providers Balance and BitGo. Trading pairs are offered against Bitcoin, Ether and USDC. The payment and settlement of the coin is also carried out via the Bidali and Gilded Finance platforms.
Increasing demand for stable coins
The market for digital assets is characterised by a high degree of volatility due to volatile price developments. Stable coins, on the other hand, combine the advantages of digital assets in payment transactions with stable value representations of national currencies.
Stable coins therefore act as a bridge between the old and new financial world. According to Stablecorp, stable coins experienced the highest growth of all digital asset classes last year. Between October 2018 and November 2019, the trading volume rose from 2.4 billion US dollars to over 4.94 billion US dollars.