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Stablecorp Inc Unveils ‘QCAD’ Pegged To Canadian Dollar
As major cryptocurrencies like bitcoin suffering immense volatility, either steep crashes abruptly or sharp gainsin a spur of moment, advocates the essence of stablecoins’ presence. But the stable coin frenzy initially took place when investors’ group lost trust in the principles and practices around the most widely used stable coin, ‘Tether’.
But for now, Canada’s Stablecorp Inc. launches its stablecoin named “QCAD” pegged to Canadian Dollar.
Stablecorp Inc which is a joint venture between the largest Canadian investment fund manager ‘3iQ’ and a blockchain development firm ‘Mavennet Systems’ made this announcement officially to co-launch of a newly regulated stablecoin pegged to the Canadian dollar (CAD).
Users can now buy/sell ‘QCAD’ directly through ecosystem partners DVeX, Newton, Bitvo, Netcoins and Coinsmart.
“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, according to the CEO of Stablecorp, Jean Desgagne, “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.”
Kesem Frank, President of Mavennet Systems, also stated that, “QCAD is a significant stepping stone for the Canadian financial market, establishing an imperative link to the world of digital assets.”
QCAD’s custody is ensured completely by Bitgo (global crypto processor) and Balance (local crypto custody service), while payment and settlement integration is available through Bidali and Gilded Finance, as per the announcement.
In the recent past, stablecoins have become the swiftly growing digital asset class, expanding from USD $2.4 Billion in Oct 2018 to over $4.94 Billion in November 2019.
As of now, the total supply of ‘QCAD’ accounts approximately about CAD 150,000. QCAD is driven by Ethereum blockchain to implement widespread token standard ERC-20. The time should decide whether it will be successful or not as it is yet to be listed on major websites tracking crypto market capitalization.