Stablecorp Relaunches QCAD: Canada’s First Stablecoin

04/13/2023 14:07 • Tech Ticker • 129 views

On April 13th, digital asset company Stablecorp announced that it will relaunch the Canadian dollar denominated stable currency QCAD, which will be issued by its subsidiary, Stablecorp Digital Currencies Inc., which operates and manages reserves of stable currency. The company stated that in order to maintain a 1:1 ratio between QCAD and the Canadian dollar, it will maintain reserves of cash and cash equivalents equal to or greater than the circulation of QCAD. （marketwatch）

Digital asset company Stablecorp to relaunch stable currency QCAD denominated in Canadian dollars

Digital asset company Stablecorp made a surprise announcement on April 13th, revealing it will relaunch the Canadian dollar denominated stable currency QCAD. The currency will be issued by Stablecorp Digital Currencies Inc., a subsidiary of Stablecorp that manages and operates reserves of stable currency. Stablecoin’s like QCAD are digital assets designed to be used as a stable alternative to cryptocurrencies like Bitcoin or Ethereum, which are notoriously volatile. QCAD is not the first stablecoin, but it is the first Canadian dollar stablecoin, making it a major milestone in Canada’s digital asset market. In this article, we explore what QCAD is, how it works, and what it means for Canadians.

Introduction

Stablecoins are digital assets designed to be less volatile than other cryptocurrencies. They usually peg their value to a more stable asset, such as the US dollar, gold, or another commodity, currency or asset. The idea behind a stablecoin is to provide a more reliable, low-risk store of value for cryptocurrency investors and users, as well as enable less risky cryptocurrency transactions.

What is QCAD?

QCAD is a stablecoin that is designed to be pegged to the Canadian dollar in a 1:1 ratio. This means that for every 1 QCAD in circulation, there is a corresponding CAD in reserve. This enables users to trade in a digital asset whose value is closer to fiat currency, thus reducing risks associated with volatile cryptocurrencies like Bitcoin. This not only makes it a more reliable store of value but also makes it easier to use for making transactions that require a stable currency, such as paying rent or other bills.

How Does QCAD Work?

QCAD plans to maintain a 1:1 CAD-to-QCAD ratio by holding reserves of cash and cash equivalents equal to or greater than the circulating supply of QCAD. This ensures that at any given time, there is enough Canadian currency in reserve to back every QCAD. Stablecorp will also adhere to “rigorous controls and reporting requirements” to ensure transparency and reliability of QCAD supply.

Why QCAD is important?

QCAD is a significant milestone in Canada’s digital asset market. It is the first Canadian dollar stablecoin, making it a significant stride in the country’s fintech industry. Stablecoins have been gaining popularity in recent years, with several prominent stablecoins like USDT, USDC, and BUSD. However, by issuing a stablecoin directly tied to the Canadian dollar, QCAD can fill the void in Canada’s digital asset market and provide a more stable foundation for Canadian cryptocurrency investors.

Conclusion

The launch of QCAD brings a new wave of hope for the Canadian cryptocurrency users and investors who have been waiting for a reliable stablecoin to solve their woes. It is unique and a significant milestone in Canada’s digital asset market. QCAD is easy to use and provides for stable financial transactions, especially during times of high volatility as experienced with traditional cryptocurrencies.

FAQs:

1. Can anyone use stablecoins like QCAD?
Yes, anyone with access to digital wallets and crypto exchanges that support QCAD can buy, hold, and trade the currency.
2. Why are stablecoins important?
Stablecoins help to reduce the volatility of cryptocurrencies and provide a more stable foundation for investors and users.
3. How is QCAD different from other stablecoins?
QCAD is unique because it is the first stablecoin pegged to the Canadian dollar, filling a gap in Canada’s digital asset market.

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