Dec 10, 2020
First Digital Canadian Dollar Stablecoin sets the stage for advanced settlement, B2B transactions, and payments infrastructure in the growing Canadian crypto ecosystem.
TORONTO, Dec. 10, 2020 /PRNewswire/ -- Stablecorp, the firm behind the issuance and management of the QCAD (the Canadian Dollar stablecoin), announced a partnership with Algorand, the leading scalable, secure and decentralized blockchain network, to launch the digital asset on the Algorand blockchain. Stablecorp has been awarded an Algorand Foundation Grant and through this collaboration will continue to grow the fiat-backed stablecoin capability on Algorand and will be the first non-USD backed stablecoin to be issued on the network.
QCAD is the first fully-compliant, mass market CAD stablecoin and is currently supported by over 22 different ecosystem partners, including exchanges, custodians, payment providers, DEXs and more. Having originally launched QCAD on Ethereum, Stablecorp's new implementation on Algorand opens up the possibility for more mainstream use cases that require higher-throughout and faster transaction speeds.
"As we begin to expand the use cases that will begin to bring wider adoption of QCAD, it is critical for us to have a robust and secure high throughput infrastructure," said Jean Deagagne, CEO of Stablecorp. "We believe leveraging Algorand's blockchain and its growing ecosystem will help us explore and scale new enterprise and consumer implementations."
Algorand will provide instant confirmation, micro payments and automatic wallet support for the newly supported QCAD token. Additionally, this implementation on Algorand marks a milestone: it will allow for the first synthetic-FX trading pair between a US Dollar Stablecoin and a Canadian Dollar Stablecoin on the Algorand blockchain.
"The Algorand Foundation is delighted that Stablecorp has chosen to launch QCAD on Algorand," said Sean Lee, CEO of the Algorand Foundation. "The global scale and speed of the Algorand protocol will enable the high transaction volumes that will facilitate new and innovative consumer innovation using QCAD."
Algorand is providing technology that will allow economies of the future to thrive as the friction is removed from any exchange of value. Algorand is uniquely designed to enable global scale, speed and security, which makes it an optimal platform for a high volume stablecoin. The Algorand blockchain's Permissionless, Pure Proof of Stake algorithm not only facilitates the scale needed for a high transaction volume stablecoin but also delivers the guaranteed transaction finality that builds a high level of confidence for all parties involved in those transactions.
Canada Stablecorp Inc. is a joint venture between 3iQ, Canada's largest cryptoasset manager and Mavennet Systems, a leader in blockchain development. QCAD is Stablecorp's first product release, and is a digital asset with the stability of the Canadian dollar. Launched in February 2020, QCAD is the first ever major Canadian-dollar Stablecoin designed for the mass market. For more information, visit https://www.stablecorp.ca.
About the Algorand Foundation
The Algorand Foundation is a not-for-profit organization that has a vision of a borderless, frictionless economy built on public, decentralized blockchain technology. The Foundation, in partnership with Algorand Inc, has built the Algorand blockchain protocol — initially designed by cryptography pioneer and Turing award winner Silvio Micali and a team of leading scientists — as the cornerstone of achieving this vision. The Foundation envisions a wide breadth of applications being built on this protocol by a new, wider community of mainstream developers. The Foundation is committed to facilitating this innovation in a sustainable and eco-friendly manner by utilizing the Proof of Stake consensus algorithm.
For more information, visit https://algorand.foundation/.
About Algorand Inc.
Algorand Inc. built the world's first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models.
For more information, visit https://www.algorand.com/.