Stablecorp to Relaunch Its Canadian Dollar Denominated Stable Currency QCAD

On April 13th, digital asset company Stablecorp announced that it will relaunch the Canadian dollar denominated stable currency QCAD, which will be issued by its subsidiary, Stablecorp Digital Currencies Inc., which operates and manages reserves of stable currency. The company stated that in order to maintain a 1:1 ratio between QCAD and the Canadian dollar, it will maintain reserves of cash and cash equivalents equal to or greater than the circulation of QCAD. （marketwatch）

Digital asset company Stablecorp to relaunch stable currency QCAD denominated in Canadian dollars

Stablecoin has become quite popular within the cryptocurrency world, especially as it provides stability to the otherwise volatile value of cryptocurrencies. Many companies have launched their stablecoins, with some pegged to the US dollar and others to other fiat currencies. Stablecorp, a digital asset company, recently announced that it is relaunching its Canadian dollar denominated stable currency, QCAD.

What is QCAD?

QCAD is a digital stablecoin that is pegged to the Canadian dollar, which means that its value will remain stable and always equal to one Canadian dollar. It is issued and managed by Stablecorp Digital Currencies Inc., a subsidiary of Stablecorp. The company aims to maintain a 1:1 ratio between QCAD and the Canadian dollar by holding reserves of cash and cash equivalents that are equal to or greater than the circulation of QCAD.

The Relaunch of QCAD

On April 13th, Stablecorp announced the relaunch of QCAD, which had been put on hold in late 2020. With the relaunch, the company plans to expand the usage of QCAD, which was previously only used by a limited number of users. Stablecorp aims to make QCAD available to Canadian individuals and businesses across the country.
Moreover, Stablecorp has partnered with a few cryptocurrency exchanges, including Bitvo and NDAX, to make QCAD available for trading. These exchanges will enable users to trade QCAD against other cryptocurrencies and the Canadian dollar.

The Benefits of QCAD

Stablecoin provides many benefits, especially since its value is pegged to the value of a stable currency. The benefits of QCAD include:

Stability

QCAD provides stability to those who wish to invest in cryptocurrencies without the risk of its value being volatile. With QCAD, users can easily invest in cryptocurrencies without worrying about sudden price drops or spikes.

Accessibility

QCAD is a stablecoin that is pegged to the Canadian dollar, which means that it is available for use by anyone in Canada. Since it is a digital currency, users can store and send it easily, making it more accessible than traditional fiat currencies.

Security

The blockchain technology used to create QCAD ensures that it is tamper-proof and secure. This means that users who hold QCAD can rest assured that their funds are safe and secure.

Conclusion

The relaunch of QCAD is good news for the cryptocurrency industry and for Canadians who are interested in investing in cryptocurrencies. Stablecorp’s decision to relaunch QCAD shows that the company has confidence in the stablecoin and its value proposition. QCAD’s stability and accessibility make it an attractive option for Canadians who are looking to invest in cryptocurrencies.

FAQs

#1. Is QCAD available for use outside of Canada?

No, QCAD is only available for use within Canada.

#2. How does QCAD maintain a 1:1 ratio with the Canadian dollar?

Stablecorp maintains reserves of cash and cash equivalents equal to or greater than the circulation of QCAD to maintain a 1:1 ratio.

#3. How can I invest in QCAD?

QCAD can be purchased on cryptocurrency exchanges that have partnered with Stablecorp, such as Bitvo and NDAX.
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