A pair of Canadian companies, 3iQ & Mavennet, have formed a new venture known as Canada Stablecorp and their 1st product release, is a Canadian dollar (CDN) backed digital asset/stable-coin under the ticker ‘QCAD’. Stable-coins is gaining popularity as digital asset within the world of blockchain. They facilitate easy transfer of value while providing a reprieve from market volatility.
Jean Desgagne, CEO of Canada Stablecorp, states, upon announcing the launch of this new asset has said that they are really 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. They are looking at QCAD as an opportunity to set a new standard of transparency and audit ability in digital currencies. Desgagne added that this will enable people to trust stable coins and adopt it massively.
QCAD can gain an edge when Canadian traders decide which stable-coin to use as its ‘local’. People tend to be supportive of the local enterprises. Also historically speaking, CDN remains one of the world’s most stable currencies and also widely accepted. President of Mavennet Systems- Kesem Frank is looking at QCAD as a stepping stone for the Canadian financial market. There is also a wide availability of gold coins for sale in Canada. He feel this is an important step that will establish a link to the world of digital assets.
The representatives of all the parties responsible for this new venture believe in the future, the equity and bond trading in Canada will move towards digital rails and that QCAD can act as the settlement mechanism for these next generation solutions.