Canada Stablecorp announced that it is issuing the stablecoin “QCAD” for “mass market,” including foreign exchange remittances and other financial products. The new Canadian dollar- backed stablecoin could help digitize the financial markets of the North American nation.
Canada Stablecorp is a joint venture between cryptoasset manager 3iQ, Canada’s largest cryptoasset manager, and Mavennet Systems, a blockchain development leader.
According to Canada Stablecorp CEO Jean Desgagne, QCAD is described as both a means of payment and a solution to the settlement. “It allows you to trade, to take positions against other stablecoins in other currencies, USDC in the U.S. for example,” it provides a medium of exchange and value.”
Similarly, Cryptolydian has reported that US-based WisdomTree seeks to be one of the first US financial companies to offer a stablecoin linked to the US dollar.
In addition, Canadian dollars underpin the coin, Desgagne said. Among other use cases, he envisions the token–built on the Ethereum ERC-20 model–as an instrument for foreign exchange remittances. The stablecoin is hopefully will become the first mainstream Canadian dollar-backed stablecoin to see widespread use, at the time similar stablecoins were introduced earlier, none lasted.
Dollar-Pegged Stablecoin Compliant With KYC & AML Laws
Desgagne said that, the token complies with the regulations of KYC and anti-money laundering. This will be released by Canada Stablecorp and exchanged on DVeX, Newton, Bitvo, Netcoins and Coinsmart — five crypto exchanges located in Canada.
In a related context, Bitvo Global Inc. announced in a press release that QCAD is now live and available to buy, sell and trade on Bitvo’s exchange platform as well as through Bitvo’s over-the-counter desk, which facilitates orders in excess of $50,000.
These platforms will be responsible for conducting their own KYC/AML checks in compliance with relevant regulations, Desgagne continued. Any investors – including those outside Canada – who can trade on these exchanges can buy QCAD.
In conclusion, Desgagne stated that: “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.”