A Growing Stable
Stablecoins have, thus far, proven to be very useful, and popular, digital assets within the world of blockchain. They provide a reprieve from market volatility, while facilitating easy transfer of value.
This trend has not gone unnoticed, as a pair of Canadian companies – 3iQ & Mavennet – have formed a new venture known as Canada Stablecorp. Their first product release? A Canadian dollar (CDN) backed digital asset/stablecoin under the ticker ‘QCAD’.
While the blockchain industry has seen an influx of various stablecoins over the past two years, the vast majority have been structured around either USD or assets, such as gold. The entrance of a CDN backed stablecoin, by reputable companies, is a luxury to interested traders, as the ‘stable’ of offerings just became even more diverse.
As previously indicated, this venture was undertaken by a pair of companies, which when working together, are known as Canada Stablecorp.
The team behind this venture has clearly been hard at work, leading up to the stablecoins recent launch, as the stablecoin is immediately supported through various avenues.
Canada Stablecorp indicates that interested parties can begin using the stablecoin by purchasing through the following outlets.
Naturally, with this venture being undertaken by a pairing of Canadian companies, with the asset being backed by the Canadian dollar, each of these exchanges are targeted, primarily, towards those residing in the Great White North.
Canadian Dollars CDN
Many may wonder why there is a need for a CDN backed stablecoin. There most likely is no one single reason as to why the blockchain industry would demand such an asset. The following are a few varying rationalities behind the move, however.
- Support Local
- Regardless of location, people tend to support local if they can. With blockchain rapidly rising in popularity throughout Canada, an attachment to ‘home’ may give QCAD the edge when Canadian traders decide which stablecoin to use
- Historically stable
- CDN remains one of the world’s most stable currencies. While it may not retain the clout that USD does, it is widely accepted on a world stage. With the nation often remaining politically removed from divisive world events, the Canadian dollar may be viewed as a safe haven in times of turmoil.
Upon announcing the launch of this new asset, only days ago, representatives from each of the responsible parties took the time to share their thoughts. The following is what each had to say on the matter.
Jean Desgagne, CEO of Canada Stablecorp, states,
“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.”
Kesem Frank, President of Mavennet Systems, states,
“QCAD is a significant stepping stone for the Canadian financial market, establishing an imperative link to the world of digital assets.”
Fred Pye, CEO of 3iQ, states,
“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.”
A Past Look
Beyond the development discussed here today, we have previously taken a closer look at the various stablecoin offerings on the market. Make sure to peruse the following article to learn more about these assets, and how they hold the potential to underpin the developing digital securities sector.
Stablecoins within Digital Securities
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