Coinbase Canada Backs QCAD to Strengthen Digital Loonie's Role in Global Finance
Coinbase Canada has made a strategic investment in Stablecorp, the Toronto-based fintech firm behind QCAD, a Canadian dollar-backed stablecoin. While the investment amount remains undisclosed, the move underscores Coinbase's commitment to expanding its footprint in the Canadian digital asset market and bolstering the adoption of QCAD as a reliable, fiat-pegged digital currency.
QCAD is designed to maintain a 1:1 peg with the Canadian dollar, backed by reserves held in cash and cash equivalents. These reserves are managed by Stablecorp Digital Currencies Inc. , a wholly owned subsidiary of Stablecorp. To ensure transparency and trust, the reserves are custodied by Tetra Trust Company, Canada's only qualified custodian for digital assets. Monthly attestation reports, conducted by Canadian Chartered Professional Accounting firm Grewal Guyatt LLP, are publicly posted to validate the reserve volumes against the total circulation of QCAD.
Initially launched on the Ethereum blockchain, QCAD has since expanded its availability to Stellar, Algorand, and Solana blockchains. This multi-chain approach enhances accessibility and utility, allowing users to leverage QCAD across various decentralized platforms. On Solana, for instance, users can engage in foreign exchange transactions between QCAD and USDC at significantly reduced costs compared to traditional FX venues, with instant settlement capabilities.
Stablecorp distributes QCAD through an Authorized Dealer model, wherein wholesale institutional entities can purchase and sell QCAD at a fixed price of one Canadian dollar. While these Authorized Dealers have direct claims on the underlying reserves, retail holders of QCAD do not possess such claims. To mitigate currency risk, all proceeds from QCAD sales are converted into Canadian dollars before being moved into reserves.
See also Grindery Launches Aventino to Enhance AI Agent Transactions
The strategic investment by Coinbase Canada aligns with its broader efforts to enhance its offerings in the Canadian market. By supporting QCAD, Coinbase aims to provide Canadian users with a stable and transparent digital currency option that facilitates efficient cross-border transactions and on-chain foreign exchange operations.
Arabian Post – Crypto News Network
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Campaign ME
4 hours ago
- Campaign ME
Active and Progressive Communications form cross-regional partnership
Dubai-based integrated communications agency Active has entered a strategic partnership with Singapore's Progressive Communications to provide clients with integrated cross-regional support across Asia-Pacific and the Middle East. The collaboration brings together Active's two decades of experience in the UAE and wider region with Progressive's earned-first public relations capabilities in APAC. According to the agencies, clients looking to expand across markets – particularly those with a presence in Dubai or Singapore – will gain access to a unified team offering brand positioning, PR and media strategy and market-entry planning. 'This partnership gives our clients access to expert communications counsel across APAC through Progressive's network and capabilities,' said Louay Al Samarai, CEO and Founder of Active. 'We look forward to unlocking new business opportunities together and delivering bold, impactful work that resonates in every market we serve.' Founded in 2003, Active offers services across public relations, influencer engagement, lead generation, digital marketing, content production, exhibition stand builds, and event management. The agency is known for culturally attuned campaigns that speak to local nuance while achieving global relevance. 'We're excited to join forces with Louay and the team at Active,' said Tarun Deo, Founder and Managing Director of Progressive Communications. 'They bring deep regional insight, strong media relationships, and a strategic mindset that perfectly complements our strengths in communications planning and storytelling. Together, we offer a powerful, compelling proposition for brands ready to expand across borders.' Progressive Communications works with clients including Zespri International, SAP Concur and Swire Coca-Cola. The agency combines senior consulting experience with a creative, insights-driven approach and maintains a global network of partners. Both Active and Progressive Communications will retain their independent branding and operations while aligning on approach, execution and client servicing. The partnership reflects a shared ambition to deliver integrated, scalable solutions to brands operating across increasingly interconnected global markets.
Campaign ME
4 hours ago
- Campaign ME
GoWit partners with Mumzworld to expand retail media capabilities
GoWit has announced its partnership with Mumzworld, an online retailer dedicated to mother, baby, and child products in the Middle East's. Speaking on the partnership, Emrah Adsan, CEO of GoWit, shared, 'Retail Media is shaping the future of digital advertising in the Middle East, and we're turning that future into reality. Together with Mumzworld, we're empowering brands with an all-in-one ad platform, designed for precision, performance, and scale.' GoWit is set to support Mumzworld with advanced omnichannel retail media solutions, amplifying digital presence, increasing ad monetisation, and driving incremental revenue growth. These tools will allow brands to run targeted campaigns across both onsite and offsite environments, with access to real-time performance metrics. Şefik Bağdadioğlu, Chief Growth Officer at Mumzworld, commented on the partnership, 'I look forward to our partnership with GoWit as we create smarter, more relevant ways for brands to connect with customers – showing up where it matters most.' The partnership follows GoWit's earlier collaboration with Egypt-based logistics platform Etmana. With digital ad spend in the region expected to surpass $25 billion this year, retail media is emerging as a key channel for advertisers seeking high-intent audiences. As digital advertising spend in MENA continues to grow, these partnerships are part of the ongoing trend in which retail media is gaining attention, as a way for platforms to diversify revenue streams and for brands to reach high-intent audiences in a post-cookie environment.
Al Etihad
5 hours ago
- Al Etihad
Meta secures nuclear energy in 20-year Illinois plant deal
3 June 2025 19:08 Washington (AFP) Facebook owner Meta announced on Tuesday a 20-year nuclear energy agreement with US-based Constellation Energy to secure power from a nuclear plant in the state of investment marks big tech's latest move to meet surging electricity demand from artificial intelligence, with Microsoft, Google and Amazon also turning to nuclear power as an energy the deal, Meta's unspecified investment will replace state government subsidies to keep the Clinton Clean Energy Center operating beginning in 2027, offering the facility a crucial project, which takes over the plant's total electric output, will provide 1,121 megawatts of nuclear energy to support Meta's regional operations while adding 30 megawatts of incremental capacity to the electricity grid, the company said."As we look toward our future energy needs in advancing AI, we recognize the immense value of nuclear power in providing reliable, firm electricity," Meta said in the move comes as tech companies scramble to secure stable, clean energy sources to power energy-intensive AI data energy has gained renewed attention as companies and governments seek reliable, carbon-free power to meet climate goals while supporting growing electricity demands from data centers and AI operations. According to the International Energy Agency, electricity consumption by data centers is projected to more than double by 2030, creating significant challenges for securing adequate energy as AI usage accelerates.
