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Stablecorp Relaunches QCAD: the Canadian Dollar-Based Stablecoin

Stablecorp | Release | Apr 13, 2023

Stablecorp QCAD - Stablecorp Relaunches QCAD:  the Canadian Dollar-Based Stablecoin

Image: Stablecorp

Stablecorp to work with Tetra Trust Company and Grewal Guyatt LLP to provide transparency and industry-leading reserve structuring as part of re-launch.

  • TORONTO, April 13, 2023 /PRNewswire/ -- Stablecorp, a leading digital asset infrastructure company, today announced the "re-launch" of QCAD, its Canadian Dollar denominated stablecoin. QCAD is issued by Stablecorp Digital Currencies Inc ("SDC"), a wholly owned subsidiary of Stablecorp dedicated exclusively to operating and managing the reserves of the stablecoin.
    • To maintain the value of each QCAD, the company will maintain reserves of cash and cash equivalents that are equal to or greater than the amount of QCAD in circulation on public blockchains.
    • The reserves will be held with Tetra Trust Company, and monthly attestation reports will be publicly posted to validate the volume of reserves as compared to the total circulation of QCAD. QCAD will be available on Ethereum, Stellar, and Algorand blockchains.

See:  Stablecorp and Balance Partner to Enable Individuals and Businesses to Access Secure Blockchain Treasury Management Solutions

  • QCAD is distributed through an Authorized Dealer model whereby wholesale institutional entities will contract directly with SDC for the right to purchase and sell each QCAD at a fixed price of one Canadian Dollar.
    • Authorized Dealers will also be able to purchase and sell QCAD for US Dollar fiat or the US Dollar stablecoin USDC. However, all proceeds from sales of QCAD will be converted into Canadian Dollars before being moved into reserves to prevent currency risk in the QCAD reserve structure.

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