What is QCAD?
QCAD is a freshly minted stablecoin that hitches its value to the Canadian dollar (CAD). Launched on February 11 by a dynamic duo—Canadian investment fund manager 3iQ and the techies over at Mavennet—this is a coin that aims to blend the worlds of cryptocurrency and traditional finance.
How Does QCAD Work?
Operating on the Ethereum blockchain and utilizing the ERC-20 token standard, QCAD boasts a total supply of about 150,350 CAD (think roughly $113,000). Its main audio engineer, BitGo, and local crypto vault service, Balance, are keeping those digital coins safe and sound. While it’s not the headliner on major crypto market capitalization sites just yet, you can track its flurry of activity on Etherscan.
Trading and Availability
Canadians are in luck! QCAD can be traded immediately against heavy-hitters like Bitcoin (BTC) and Ether (ETH). It’s available through numerous partners, including DVeX and Coinsmart. It’s great news for anyone looking to dip their toes in the CAD-pegged crypto waters.
Regulation: The High Road
Now, let’s talk about the elephant in the room: regulation. QCAD isn’t just another pretty face in the crypto world. As per Rob Durscki, the COO of Stablecorp (and a former big shot at Deloitte), QCAD will be regulated under Canada’s financial watchdog, FinTRAC, starting in June 2020. With regulations like Know Your Customer (KYC) and Anti-Money Laundering (AML) policies firmly in place, Durscki assures a safe environment for traders.
Is QCAD Really the First?
Stablecorp is proudly claiming QCAD as the “first fully compliant stablecoin with a 1/1 CAD equivalency.” However, before people start throwing confetti, it’s worth noting that there are other CAD-pegged players in town, like eCAD and TrustToken’s TrueCAD. But hey, who doesn’t like a little healthy competition?
Looking Ahead
Durscki mentioned that QCAD is intended to be chain agnostic. Simply put, while its roots are in Ethereum, the plan is to explore more networks, thereby enhancing user experience. And if you’re wondering what’s next for QCAD—remain vigilant because this futuristic stablecoin has its sights set on innovation.
