A new stablecoin backed by the canadian dollar sees the light of day

February 15, 2020 by Clementine

Stablecorp, the entity comprised of the general manager, canadian investment funds 3iQ and the society of Blockchain Mavennet, comes to announce the official launch of QCADa stablecoin regulated indexed to the canadian dollar (CAD).

A token still in development

The token newly launched is based on the standard token-ERC-20, in particular on the Blockchain Ethereum.
Rob Durscki, the director of operations (COO) of the company, has expressed in this regard :

“QCAD, by concept, is independent of the Blockchain. Our main concern is the user experience and the security, and it is this that we have to prioritize Ethereum, due to its strong infrastructure and its past and existing projects to be successful. Nevertheless, we plan to evaluate additional networks, focusing always on the experience of our customers “.

QCAD would be currently owned by 5 addresses, with a total supply of 150 350 CAD, or approximately us $ 113 000.

Security as a priority

Although QCAD is the third stablecoin indexed to the canadian dollar, it had the merit of being the first to target the mass market and the first to justify a total equivalence with the CAD.
In order to ensure the sustainability of this correspondence, Stablecorp has deposits in canadian dollars with a custodian independent, which would be responsible to provide periodic statements of the value, in canadian dollars compared to QCAD in circulation.
Apparently, the company has worked with financial regulators premises to ensure compliance with the chip regulations in force, including policies of client knowledge and the fight against money laundering.
Durscki had also ensured that the policies implemented by Stablecorp have been developed to be adequate to those of the central agency for the fight against money laundering of Canada, FinTRAC.
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Passionate about the universe geek, Clementine finds the news more interesting and involved in their drafting.

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