Canada Stablecorp, a joint venture between investment fund manager 3iQ and blockchain startup Mavennet, announced on Tuesday the launch of a Canadian dollar-pegged digital currency.
Dubbed QCAD, the coin is fully compliant with the framework of Canada’s Financial Transactions and Reports Analysis Centre (FinTRAC) and will be regulated by the anti-money laundering (AML) regulator from this June under certain business category, the company outlined.
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Mentioning the development, Jean Desgagne, CEO of Canada Stablecorp, said: “We are excited to be creating an important piece of financial market infrastructure for Canada that will serve the digitization of capital markets and provide a robust payment and settlement solution.”
“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.”
An ERC-20 token
The digital currency has been developed on the top of Ethereum’s blockchain network based on the ERC-20 token standards.
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The announcement also detailed that the stablecoin has been listed on five exchanges – DVeX, Newton, Bitvo, Netcoins, and Coinsmart – and can be traded against Bitcoin, Ethereum, and USDC.
As seen on Etherscan, all the tokens have been stored in five addresses with a total supply of over CAD150,000 (around $130,000) in stablecoins.
The developers also added support for the coin on digital custodian platforms like BitGo and Balance, along with payment and settlement through Bidali and Gilded Finance.
“We believe the future of equity and bond trading in this country will move towards digital rails. QCAD is in a position to act as the settlement mechanism for these next-generation solutions,” Fred Pye, president and CEO of 3iQ Corp, added.
3iQ also manages multiple private investment funds for crypto assets. Last year, it also filed a preliminary prospectus to float its Bitcoin Fund through an initial public offering on the Toronto Stock Exchange, Finance Magnates reported.