In fact, when conducting a Google search for this particular company, no results come up whatsoever. So far, it seems that has not happened, as there is no evidence of such an agreement at this time. Prior to doing so, one would need to obtain approval from the respective agencies and government officials. No one knows exactly when Stablecorp was created or why this company would suddenly be allowed to create a new stablecoin pegged to the Canadian Dollar. This is where the warning signs begin to amass rather quickly. One can only hope that is not the case where Stablecorp is concerned, albeit it is very difficult to say for sure. It would not be the first time a fake stablecoin is created for the sole purpose of defrauding investors who see merit in a digital fiat currency. While the website claims this is a transparent and auditale stablecoin, it remains to be seen if this project is indeed legitimate. That is much easier said than done, especially by a company virtually no one has ever heard about. It aims to peg the Canadian Dollar to the QCAD stablecoin and maintain value equivalency at all times. If the Stablecorp website is to be believed, such a project is currently in development. In Canada, it would be logical to see a stablecoin backed by the Canadian Dollar at some point. One has to commend every single project which aims to digitize fiat currencies and create a more useful variant of said currency. It now appears a Canadian stablecoin will be issued, although there are some concerns regarding the project itself. Foreign stablecoins, such as the one backed by the Euro, are also successful, albeit with less volume. Although numerous projects compete with one another, Tether’s USDT remains the dominant market. As Germany’s Finance Minister, Olaf Scholz, called the project “a wolf in sheep’s clothing,” and pointed out that changing the name would not change its fundamentals.The influx of stablecoins in the cryptocurrency space cannot be ignored.
However, the rebranding still managed to attract much criticism recently. However, that did not stop Facebook’s Libra, which recently renamed to Diem, to continue working on its stablecoin project. She believed that stablecoins posed “serious risks” and that stablecoins issued by “big tech” could even present “risks to competitiveness and technological autonomy in Europe.”
Meanwhile all through 2020, stablecoins have seen a significant demand with these coins, which are pegged to major fiat currencies, being developed by private companies alone, a fact that Christine Lagarde of the ECB recently expressed her concerns about. However, QCAD will be the first non-US dollar-backed stablecoin on Algorand. With the addition of QCAD, Algorand now has three stablecoins available on its mainnet, which includes Circle’s USDC, and Tether USDT. CEO of Stablecorp, Jean Deagagne believed that leveraging Algorand’s blockchain and its “growing ecosystem” would help them explore and scale “new enterprise and consumer implementations.” Algorand claimed it would support instant confirmation, micropayments and automatic wallet support for the newly hosted QCAD token.ĬEO of Algorand Foundation, Sean Lee added that the scale and speed of Algorand protocol would in turn enable “the high transaction volumes” that will facilitate “new and innovative consumer innovation” using QCAD.Īccording to a release shared with AMBCrypto, the implementation is a result of a partnership between Algorand and Stablecorp with the latter describing QCAD as the “first fully-compliant, mass-market Canadian Dollar stablecoin.”Ĭanada Stablecorp is a joint venture between 3iQ and Mavennet Systems and launched QCAD in February 2020 on Ethereum. Blockchain platform Algorand announced today that the digital Canadian dollar ‘QCAD’ stablecoin will be moving to the Algorand platform.
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