Forward the Original Title‘加拿大官方推出稳定币QCAD，还得到了Coinbase的大力支持’

In the competitive cryptocurrency market, QCAD quickly stood out. On April 30, Coinbase Assets announced the inclusion of QCAD in its listing roadmap, significantly enhancing QCAD’s market standing. Issued by Canada Stablecorp, a joint venture of crypto asset management firm 3iQ and blockchain developer Mavennet Systems, QCAD has been supported by partners like DVeX and Newton since 2020, supporting BTC, ETH, and USDC trading pairs. QCAD maintains a 1:1 CAD value ratio through cash and equivalent reserves to ensure its stability.

QCAD’s stability and reliability make it a notable option in the stablecoin market. The following discusses QCAD’s core advantages and its role in the global crypto economy.

As the market warms up, stablecoin trading volume and supply have shown steady growth.

Recently, the stablecoin market performance has been noteworthy, especially against the backdrop of overall cryptocurrency market volatility. In April 2024, stablecoin trading volume and supply showed significant growth, despite a downturn in the overall crypto market. Recent market data indicates that stablecoins, especially DAI, USDT, and USDC, have seen increased activity in recent months, reflecting ongoing demand for stable assets.

As the main stablecoins in the market, the supply of USDT and USDC continues to grow, showing the steady flow of capital into the crypto market. In addition, stablecoin trading volume also hit a new high in April, driven in part by the widespread use of stablecoins on cryptocurrency trading platforms and financial technology applications.

High demand for stablecoins stems in part from their function as a bridge between liquidity and stability in crypto markets. In an uncertain market environment, investors and traders tend to use stablecoins to protect asset values and avoid risks caused by price fluctuations. In addition, the application of stablecoins in the field of decentralized finance (DeFi) has also continued to expand, further promoting the improvement of its market position.

Despite downward pressure on the market, stablecoins have continued to hold up, demonstrating their central role in the cryptocurrency ecosystem.

Comprehensive understanding of QCAD application scenarios and core elements such as financial preparation: Hosted by Tetra Trust Company

As the first Canadian dollar stablecoin that is fully compliant with regulations, QCAD aims to provide a stable digital “Canadian dollar” solution to the broad market. This section will discuss in detail the working principle of QCAD, the mechanism to maintain stability, and its diverse application scenarios.

1. Stability and compliance analysis:

The primary mechanism by which QCAD maintains its value equal to one Canadian dollar (1 CAD) is through buying and selling operations through authorized dealers. Authorized traders can buy or sell QCAD at 1 CAD from Stablecorp Digital Currencies Inc. This mechanism ensures that if the market price of QCAD deviates from 1 CAD, the price will be adjusted back to 1 CAD through arbitrage opportunities.

To enhance market confidence in the ability of authorized dealers to continue to buy and sell QCAD, Stablecorp provides monthly statements and annual audits of QCAD reserves. In addition, Stablecorp has established an extensive compliance and governance infrastructure that ensures QCAD always holds cash or equivalent assets with the custodian at a ratio of 1:1 (or higher).

1. Introduction to QCAD application scenarios:

QCAD is not only a payment method, but also facilitates the trading, borrowing and lending of crypto assets on multiple blockchain platforms such as Ethereum, Algorand and Stellar. Other applications of QCAD include: as an on-chain FX solution through digital-to-crypto transactions, particularly with connections to the Circle and USDC ecosystem; as a fast and cost-effective transfer/payment channel within and outside Canada; and as a crypto Instant Canadian dollar-denominated bridge asset between assets and fiat currencies.

All QCAD transactions are securely recorded on the blockchain, ensuring the non-tamperability, transparency and auditability of transactions, achieving seamless settlement and complete traceability.

1. Purchase channels and financial reserves:

QCAD tokens can be purchased through institutions known as “Authorized Dealers” who pass strict customer onboarding and anti-money laundering/customer identity verification checks. QCAD’s fiat currency reserves are hosted by Tetra Trust Company, which maintains dedicated “trust accounts” at Canadian financial institutions to segregate QCAD reserves. These fiat currency reserves are separate from Stablecorp’s other assets, and Stablecorp exists solely to operate QCAD and manage these fiat currency reserves.

Through these measures, QCAD not only provides a stable Canadian dollar digital asset, but also brings innovative payment and transaction solutions to the digital currency market, promoting the construction of a bridge between crypto assets and the traditional financial system.

Looking back at the development history of QCAD: the Canadian dollar stablecoin implies Canada’s ambition to enter the Web3 world

On February 11, 2020, Canada Stablecorp Inc announced the launch of the Canadian dollar stablecoin “QCAD”, marking an important development in the Canadian digital asset market. QCAD is now available through ecosystem partners such as DVeX, Newton, Bitvo, Netcoins and Coinsmart, supporting trading pairs with major cryptocurrencies such as Bitcoin, Ethereum and USDC. QCAD is fully supported by cryptocurrency custodians Balance and Bitgo, with payment and settlement integration through Bidali and Gilded Finance.

QCAD is the first product launched by Canada Stablecorp, a joint venture created by 3iQ, Canada’s leading crypto asset management company, and blockchain development pioneer Mavennet Systems. As a digital asset based on the ERC-20 standard of the Ethereum blockchain, QCAD guarantees seamless settlement and full traceability, and the company plans to expand this asset to other networks in the future.

As the first Canadian dollar stablecoin on the market designed for the masses, the launch of QCAD plays a key role in driving the digital transformation of Canada’s capital markets and providing powerful payment and settlement solutions. Jean Desgagne, CEO of Canada Stablecorp, has said that QCAD provides the market with a new financial infrastructure and sets a new standard for digital currencies, which will help promote trust and widespread adoption of stablecoins.

Digital asset markets are traditionally known for high volatility, and stablecoins serve as a critical link between traditional financial infrastructure and the digitally native world by providing an anchored price point. The market size of stablecoins has expanded rapidly over the past few years, from $2.4 billion in 2018 to more than $4.94 billion in 2019.

In addition, Kesem Frank, President of Mavennet Systems, emphasized that QCAD has established the necessary connection between the Canadian financial market and the world of digital assets. Fred Pye, President and CEO of 3iQ Corp, believes that the launch of QCAD is a logical step in Canada’s capital markets moving towards a digital future, in which QCAD will play a key settlement role.

To sum up, the launch of QCAD not only enhances Canada’s competitiveness in the global financial market, but also lays a solid foundation for the widespread acceptance and application of digital currencies.

Stablecorp will receive strong support from Coinbase. Will the future prospects be as good as industry expectations?

Stablecorp, a joint venture between Canada’s largest crypto asset management company 3iQ and blockchain development leader Mavennet Systems, has successfully promoted the issuance of the Canadian dollar stablecoin QCAD. As the first fully compliant Canadian dollar stablecoin designed for the mass market, QCAD represents not only technological innovation but also the market’s response to the need for stability and compliance.

The team’s leadership is composed of industry experts, including CEO Alex McDougall, COO Julie Paterson, Chief Compliance Officer Paul Burak, and Chairman of the Board Jean Desgagne, etc. Their joint efforts ensure QCAD’s strategic execution and market Promotion. In addition, experts from different fields, such as legal consultant Ross McKee and financial technology developer Eugene Tay, also provide solid support for QCAD’s stable operations and compliance.

Recently, Coinbase Assets announced the addition of QCAD to its currency listing roadmap on the X platform. This move heralds the further expansion of QCAD’s market acceptance and application prospects. This decision not only enhances QCAD’s liquidity, but also provides Canadian and global investors with more trading and investment options.

As the digital asset market continues to mature, QCAD’s compliance and stability features may attract more users and institutions seeking hedging and trading efficiency. However, as an innovative digital asset, QCAD still needs to prove its continued value and usefulness in future markets. Whether it can maintain its leading position in the increasingly competitive stablecoin market remains to be further tested by the market.

How will the future of QCAD unfold, and how will the market respond to this innovative Canadian digital solution?

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1. This article is reprinted from [Panews]. Forward the Original Title‘加拿大官方推出稳定币QCAD，还得到了Coinbase的大力支持’. All copyrights belong to the original author [DeMan]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
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