QCAD first Canadian stablecoin launched on Algorand blockchain
By Inkarias - 2020-12-13
Two days ago, on December 10, the StableCorp group formalized the launch of a new collaboration with a well-known project: Algorand for the launch of a new stablecoin in the market. Stablecorp is among others the entity responsible for the currency QCAD, or more simply the Canadian dollar stablecoin which has just been launched on the Algorand blockchain. This addition will ensure a certain level of reliability and security by using the already functional and flawless blockchain.
An innovative launch for Canadian community
Today we are excited to reveal that for the past few months we have been working closely with @Algorand and that #QCAD will be the first non-USD backed #stablecoin to be issued on the network.— Stablecorp Inc. (@stablecorp) December 10, 2020
Learn more in the official press release below 👇https://t.co/zl6by05FSD
In a few words, the QCAD currency will be the first fully-compliant and mass market CAD stablecoin with a significant scope since the launch on the Algorand blockchain opens the way to many partners and platforms in a simple way such as exchanges, custodians, payment providers, DEXs and more associated services. After starting and launching the group's first operations on the Ethereum network, the problem of slow operations and sometimes significant costs quickly arose. In order to overcome this problem, the team finally opted for a launch towards a more stable, secure blockchain but above all offering accessible services at a lower cost, justifying the migration to the Algorand network. This partnership with bring many benefits as Algorand will provide instant confirmation, micro payments and automatic wallet support for this new currency.
Regarding this announcement, Jean Deagagne, CEO of Stablecorp shared that:
As we begin to expand the use cases that will begin to bring wider adoption of QCAD, it is critical for us to have a robust and secure high throughput infrastructure […]We believe leveraging Algorand's blockchain and its growing ecosystem will help us explore and scale new enterprise and consumer implementations.
More details about QCAD and Stablecorp can be read at https://www.stablecorp.ca/