Latest news with #QCAD
Arabian Post
14-05-2025
- Business
- Arabian Post
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
Crypto Insight
14-05-2025
- Business
- Crypto Insight
Coinbase invests in Canadian stablecoin issuer
Coinbase has partnered with Canadian stablecoin issuer Stablecorp in a bid to expand access to tokenized Canadian dollars, a company executive told Cointelegraph during the Blockchain Futurist Conference in Toronto. According to Coinbase Canada's CEO, Lucas Matheson, the exchange is investing an undisclosed amount in Stablecorp and will help market its fiat-collateralized stablecoin, QCAD. 'It's really important that we have a stablecoin for Canadians,' Matheson told Cointelegraph in an exclusive interview on May 13, adding that stablecoins are especially urgent because the country has 'no peer-to-peer [payment] rail' and 'wire transfers cost $45 and take 45 minutes of paperwork.' 'With stablecoins, 24/7, instant, borderless payments become possible — this is already feasible with existing tech,' he said. Barriers to adoption As of May 13, stablecoins have an aggregate market capitalization of around $245 billion, primarily comprising US dollar-backed stablecoins Tether and USDC, according to data from CoinGecko. Stablecorp's most recent report on QCAD's fiat reserve backing dates to July 2024, at which time only around $175,000 worth of QCAD were in circulation, according to its website. However, 'Canada lacks a clear path for stablecoin adoption' in part because its government has yet to 'remove securities regulation barriers for fiat-backed stablecoins,' Coinbase said in a March 26 blog post. It needs to begin 'treating them as payment instruments rather than securities,' the exchange added. In April, the US SEC said that stablecoins do not qualify as securities in the country if they are marketed solely as a means of making payments. 'We're asking the federal government to develop a national strategy for digital assets. Crypto is strategic, and we hope this new administration sees that,' Matheson said. Canada elected Prime Minister Mark Carney during its federal elections in April. Carney has historically been critical of cryptocurrency. Source:
