A Toronto-based startup led by a former top TMX executive has launched a mass market Canadian dollar-backed stablecoin.
Built on the Ethereum blockchain, the QCAD stablecoin is the work of Canada Stablecorp, a joint venture between Canada's largest cryptoasset manager 3iQ and blockchain player Mavennet Systems.
The firm is led by CEO Jean Desgagne, a financial services industry veteran who most recently worked at TMX Group as president and CEO, global solutions, insights and analytics strategies.
Canada Stablecorp says stablecoins like QCAD can provide a critical link between legacy financial infrastructure and the digital native world, helping to digitise capital markets and providing robust payments and settlement.
Users can already purchase QCAD directly through ecosystem partners DVeX, Newton, Bitvo, Netcoins and Coinsmart. Trading pairs are offered against Bitcoin, Ether and USDC.
Says Desgagne: "QCAD represents a significant opportunity to set a new standard of transparency and auditability in digital currencies and will help drive trust and mass adoption of stablecoins.”