A new stablecoin has been announced, issued by collaborative efforts between two crypto and blockchain companies. The “QCAD” stablecoin is reportedly designed for the “mass market” and is pegged to the Canadian dollar.
QCAD is issued by Canada Stablecorp which is a joint project between blockchain development company Mavennet Systems and crypto manager 3iQ.
According to Canada Stablecorp CEO Jean Desgagne, QCAD will serve as a tool for exchange as well as settlement and a hedge. Desgagne said:
“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.”
The QCAD is powered by the Ethereum blockchain and Canada Stablecorp hopes that it will see widespread use with foreign exchange. This is not the first time a stablecoin pegged to the Canadian dollar will be issued. However, Desgagne hopes this one will stand the test of time where the others have failed.
QCAD will be listed on five crypto exchanges based in Canada. They include Coinsmart, Bitvo, Netcoins, DVeX, and Newton.
Desgagne has also added that QCAD is not a security.
“We believe that it’s not a security, it doesn’t need to touch with securities law. It’s really a mechanism for exchange.”
In May last year, TrustToken launched the TrueCAD stablecoin pegged to the Canadian dollar.
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