Canadian Dollar Stablecoin, QCAD Launched by 3iQ

0
894
Canada-QCAD

3iQ, one of Canada’s leading digital asset fund managers, and Mavennet, a Blockchain startup, locked a partnership that gave birth to a new stablecoin whose value is tied to the Canadian dollar. 

Dubbed QCAD, this Ethereum-based stablecoin with a total supply of 150,000 follows the notable ERC-20 token standard. As per the press release published on February 11, QCAD aims to infiltrate the mass market. 

QCAD holders can track their transaction histories using Etherscan, the Blockchain explorer of Ethereum. At the time of writing, QCAD’s supply is equivalent to $113, 000. 

The press release also confirmed that QCAD could be traded against Bitcoin (BTC) and other major crypto assets such as Ether (ETH) and USD Coin (USDC). QCAD can be purchased from Newton, Coinsmart, Bitvo, Newton, and Netcoins, direct partners of 3iQ and Mavennet. Furthermore, BitGo and Balance, two of the notable crypto custodians in the industry, had already extended their full support to the newly-released stablecoin. 

Rob Durscki, the COO of QCAD developer, Canada Stablecorp, said that the company targets to introduce the stablecoin to other networks. He explained that the team of developers had initially chosen Ethereum due to its robust security and excellent industry reputation. Notably, there are ongoing plans for expansion that would further improve customers’ safety and experience. 

As Stablecorp and its partners emphasized, QCAD is the first-ever stablecoin in Canada with a 1:1 ratio in Canadian dollars. Furthermore, the stablecoin is fully compliant with local regulations and policies such as Know Your Customer (KYC) and Anti-Money Laundering (AML). 

Durscki also revealed that starting June, the company would be regulated by FinTRAC under a particular business category. He expressed his confidence that there would be no problem as Stablecorp’s systems and policies are fully compliant with the regulator’s requirements. 

LEAVE A REPLY

Please enter your comment!
Please enter your name here