The pioneering stablecoin backed by Canadian dollar (QCAD) has been launched. The launch was announced by Canada Stablecorp Inc., a joint venture between 3iQ and Mavennet Systems.

The announcement through an official press release said QCAD was developed on the Ethereum blockchain by using the ERC-20 standard.

At the moment, QCAD is available for trading against BTC, ETH, and USDC. According to the CEO of Canada Stablecorp, Jean Desgagne, it is exciting to create a crucial piece of financial market infrastructure to digitize capital markets and offer a powerful payment and settlement solutions in Canada.

Desgagne continued that the new stablecoin is a remarkable opportunity for the establishment of another standard of transparency and auditability in digital currencies and it will improve trust and huge adoption of stablecoins.

After the new stablecoin was developed, President of Mavennet Systems, Kesem Frank, said the new stablecoin is a means to the next level in Canada’s financial market because it would put in place a crucial link to the domain of digital assets.

Traders will have access to the new stablecoin on five cryptocurrency exchanges in Canada, including DVeX, Newton, Bitvo, Netcoins, and Coinsmart. Besides, Gilded will ensure QCAD’s enterprise adoption via integrated payments and accounting solutions.

This comes following the announcement that a Global Consortium has been formed to offer a framework that can govern digital currencies, as well as stablecoins such as Tether.

In recent times, the Bank of Canada revealed its collaboration with six other central banks towards the introduction of a central bank digital currency (CBDC). It was revealed that the collaboration is towards assessing factors like CBDC use cases, economic, functional and technical design choices, as well as cross-border interoperability, and to share knowledge on nascent technologies.

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