Canada officially launched the stablecoin QCAD, which has received strong support from Coinbase

In the fierce competition of the cryptocurrency market, the stablecoin QCAD has quickly stood out. On April 30, Coinbase Assets announced that QCAD would be added to its coin listing roadmap, significantly enhancing QCAD's market position.
QCAD is issued by Canada Stablecorp, a joint venture between the cryptocurrency asset management company 3iQ and the blockchain development company Mavennet Systems. Since 2020, QCAD has been providing services through partners such as DVeX and Newton, supporting trading pairs like BTC, ETH, and USDC. QCAD maintains a 1:1 value ratio with the Canadian dollar, ensuring its stability through reserves of cash and equivalents.
In the stablecoin market, QCAD's stability and reliability make it a noteworthy option. The following will explore QCAD's core advantages and its role in the global crypto economy.

As the overall market warms up, both the trading volume and supply of stablecoins show steady growth

Recently, the performance of the stablecoin market has attracted attention, especially against the backdrop of fluctuations in the total market capitalization of cryptocurrencies. In April 2024, both the trading volume and supply of stablecoins showed significant growth trends, despite the overall cryptocurrency market facing declines. According to the latest market data, stablecoins, particularly DAI, USDT, and USDC, have seen increased activity over the past few months, reflecting the ongoing demand for stable assets.

USDT and USDC, as the major stablecoins in the market, have seen a continuous increase in supply, indicating a robust inflow of capital into the crypto market. Additionally, the trading volume of stablecoins reached new highs in April, partly due to their widespread use in cryptocurrency trading platforms and financial technology applications.
The high demand for stablecoins in the market partly stems from their function as a bridge for liquidity and stability in the crypto market. In uncertain market environments, investors and traders tend to use stablecoins to protect asset value and avoid risks associated with price volatility. Furthermore, the application of stablecoins in decentralized finance (DeFi) continues to expand, further boosting their market position.
Despite the downward pressure on the market, the performance of stablecoins remains strong, demonstrating their core position in the cryptocurrency ecosystem.

A comprehensive understanding of QCAD's application scenarios and financial preparations: Custodied by Tetra Trust Company

As the first fully compliant Canadian dollar stablecoin, QCAD aims to provide a stable digital "CAD" solution for the broader market. This section will explore in detail how QCAD works, the mechanisms that maintain its stability, and its diverse application scenarios.
1. Stability and Compliance Analysis:
The primary mechanism by which QCAD maintains its value equivalent to one Canadian dollar (1 CAD) is through the buy and sell operations of authorized dealers. Authorized dealers can buy or sell QCAD from Stablecorp Digital Currencies Inc. at a price of 1 CAD. This mechanism ensures that if the market price of QCAD deviates from 1 CAD, it will be adjusted back to 1 CAD through arbitrage opportunities.
To enhance market confidence in the ability of authorized dealers to continuously buy and sell QCAD, Stablecorp provides monthly statements and annual audits of QCAD reserves. Additionally, Stablecorp has established a comprehensive compliance and governance infrastructure to ensure that QCAD is always held by custodians in a 1:1 (or higher) ratio with cash or equivalent assets.
2. Introduction to QCAD's Application Scenarios:
QCAD is not only a payment method but also facilitates the trading, lending, and borrowing of crypto assets across multiple blockchain platforms such as Ethereum, Algorand, and Stellar. Other applications of QCAD include: serving as an on-chain foreign exchange solution through digital currency to digital currency transactions, particularly in connection with Circle and the USDC ecosystem; providing a fast and cost-effective transfer/payment channel within and outside Canada; and acting as an instant Canadian dollar-denominated bridge asset between crypto assets and fiat currencies.
All transactions of QCAD are securely recorded on the blockchain, ensuring immutability, transparency, and auditability, achieving seamless settlement and complete traceability.
3. Purchase Channels and Financial Reserves:
QCAD tokens can be purchased through institutions known as "authorized dealers," which undergo strict customer onboarding and anti-money laundering/customer identity verification checks. The fiat currency reserves of QCAD are custodied by Tetra Trust Company, which has established dedicated "trust accounts" at Canadian financial institutions to isolate QCAD reserves. These fiat currency reserves are kept 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 trading solutions to the digital currency market, promoting the construction of bridges between crypto assets and traditional financial systems.

Tracing the Development History of QCAD: A Canadian Dollar Stablecoin, Implicitly Reflecting 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 like Bitcoin, Ethereum, and USDC. QCAD is fully supported by cryptocurrency custodians Balance and Bitgo and achieves integrated payment and settlement through Bidali and Gilded Finance.
QCAD is the first product launched by Canada Stablecorp, a joint venture created by Canada's leading cryptocurrency asset management company 3iQ and blockchain development pioneer Mavennet Systems. As a digital asset based on the ERC-20 standard of the Ethereum blockchain, QCAD ensures seamless settlement and complete traceability, with plans to expand this asset to other networks in the future.
As the first Canadian dollar stablecoin designed for the general public, the launch of QCAD plays a key role in driving the digital transformation of Canada's capital markets and providing robust payment and settlement solutions. Jean Desgagne, CEO of Canada Stablecorp, has stated that QCAD provides a new financial infrastructure for the market and sets a new standard for digital currencies, helping to promote trust and widespread adoption of stablecoins.
The digital asset market has traditionally been known for its high volatility, while stablecoins serve as a key link between traditional financial infrastructure and the digital native world by providing an anchored price point. The market size of stablecoins has rapidly expanded over the past few years, growing from $2.4 billion in 2018 to over $4.94 billion in 2019.
Additionally, Kesem Frank, president of Mavennet Systems, emphasized that QCAD establishes the necessary connection between the Canadian financial market and the digital asset world. Fred Pye, president and CEO of 3iQ Corp, believes that the launch of QCAD is a logical step for the Canadian capital market towards a digital future, with QCAD playing a key settlement role in that process.
In summary, 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 Be as Bright as the Industry Expects?

Stablecorp, a joint venture between Canada's largest cryptocurrency 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 general market, QCAD not only represents technological innovation but also reflects the market's response to the demand for stability and compliance.
The leadership team consists of several industry experts, including CEO Alex McDougall, COO Julie Paterson, Chief Compliance Officer Paul Burak, and Board Chairman Jean Desgagne, whose collaborative efforts ensure the strategic execution and market promotion of QCAD. Additionally, experts from various fields, such as legal advisor Ross McKee and fintech developer Eugene Tay, provide solid support for QCAD's robust operation and compliance.

Recently, Coinbase Assets announced on the X platform that QCAD would be added to its coin listing roadmap, indicating that QCAD's market acceptance and application prospects will further expand. This decision not only enhances QCAD's liquidity but also provides more trading and investment options for investors in Canada and globally.
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 sustained value and practicality in future markets. Whether it can maintain its leading position in the increasingly competitive stablecoin market remains to be seen.
How will QCAD's future unfold, and how will the market respond to this Canadian innovative digital solution?