Stablecorp announced plans to launch QCAD, Canada’s first “compliant” stablecoin, to be distributed via exchanges and partners. Technically, the stablecoin hasn’t been “approved” by a regulator, but its prospectus has been listed. This is part of interim rules, given the Canadian government only recently announced stablecoin legislation.
The company has secured backing from major crypto players. Earlier this year Stablecorp raised a CAD 1.8 million ($1.3m) funding round led by Coinbase Ventures, and an additional CAD 5 million ($3.5m) in September. It counts Circle amongst its investors and is a participant in Circle’s StableFX, the stablecoin issuer’s recently announced foreign exchange offering.
“We have proven that innovation and regulation can go hand-in-hand, providing the robust foundation for the future of the Digital Canadian economy,” said Jean Desgagne, Chair of Stablecorp. The issuer is the QCAD Digital Trust and Stablecorp is the servicer and infrastructure provider.
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