Canada Stablecorp Inc has launched “QCAD”, a Canadian Dollar-Backed Stablecoin.
This will boost digitizing in the North American nation’s financial markets.
According to an announcement on the 10th of February, the stablecoin is being issued for the mass market.
This also includes foreign exchange remittances and other financial products.
As from today, users can acquire QCAD instantly through ecosystem partners DVeX, Newton, Bitvo, Netcoins, and Coinsmart.
It will be distributed by Canada Stablecorp.
Canada Stablecorp Inc. is a collaborative enterprise between 3iQ, Canada’s biggest cryptoasset manager and Mavennet Systems, an executive in blockchain development.
It just obtained permission to initiate a bitcoin fund, and Mavennet Systems, a blockchain development firm which commenced the previous year.
QCAD as a means of payment and a settlement remedy
CEO of Canada Stablecorp, Jean Desgagne says that QCAD gives a platform for exchange and value.
Asides allowing you to market, it also enables you to take positions against all other stablecoins in other currencies, for instance, USDC in the United States.
He added that the coin is backed by Canadian dollars.
The token, designed on ethereum ERC-20 criterion is seen as a tool for foreign exchange remittances, among other uses.
It is built on ethereum because of the network’s broad popularity and Stablecorp’s satisfaction with its degrees of safety.
While some other stablecoins have been initiated previously but with only few actually lasting, their hope for the newly launched coin is that it will become the original mainstream stablecoin pegged to the Canadian dollar to see public use.
The token is obliging with know-your-customer and anti-money laundering laws, Desgagne stated.
It will be distributed by Canada Stablecorp and marketed on only five Canada-based crypto exchanges.
Desgagne, however, noted that these outlets will have the responsibility of administering their own KYC/AML checks in obedience with suitable requirements.
Any investors, not excluding those not in Canada, who is able to market on these exchanges can purchase QCAD.
While the other fundamental regulatory concern could arrive from securities law, Desgagne said the company had a legal belief saying it was not a big concern.
He added that they reckon it is not a safety, only a tool for exchange, as such, it does not need the securities law.
Also, “It’s worth a dollar right now, it will be worth a dollar tomorrow, it will also be worth a dollar 20 years from now,”
Even though more stablecoins might be granted on other networks in the near future, It is more of an end goal than anything being scheduled right now.
Extensively, Desgagne said he wishes to also digitize financial services as QCAD gains acceptability later on.
Also, it is their belief that they are creating tools for digital assets to really blossom.
Furthermore, they also believe they are carrying financial market infrastructure in the analog world and developing them in the digital world.