An unprecedented Canadian dollar Stablecoin has settled for advancement, B2B transactions, and payment gateways in the Canadian crypto space appreciating at a good pace.
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An industry which issues and manages the Canadian Dollar Stablecoin, Stablecorp has delightedly announced partnership with Algorand, with the motive of launching the digital asset on the Algorand Blockchain, the leading scalable, secure and decentralized blockchain network.
This integration will continually develop the fiat-backed Stablecoin capability on Algorand as Stablecorp is being awarded an Algorand foundation Grant. QCAD is the first non-USD backed Stablecoin to be issued on Algorand Blockchain.
QCAD is the first fully-compliant, mass market CAD stablecoin and it is currently supported by more than 22 different ecosystem partners, with exchanges, custodians, payment providers, DEXs included. Following the official launch of QCAD on Ethereum, Stablecorp’s new implementation on Algorand gives room for the possibility for more mainstream use cases requiring higher-throughout and an improved transaction speed.
The CEO of Stablecorp, Jean Deagagne said, as they begin to expand the use cases that will begin to bring wider adoption of QCAD, it is critical for them to have a robust and secure high throughput infrastructure. He added that they believe leveraging Algorand’s blockchain and its growing ecosystem will help then explore and scale new enterprise and consumer implementations.
Algorand is trusted to provide instant confirmation, micro payments and automatic wallet support for the newly supported QCAD token. Also, this implementation on Algorand is seen as a landmark as 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 CEO of the Algorand Foundation, Sean Lee said, The Algorand Foundation is delighted that Stablecorp has chosen to launch QCAD on Algorand. He added that 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 offering technology which will aid economies of the future in thriving as the friction is removed from any exchange of value. Algorand is designed in such a way that enables it scale globally, with high speed and maximum security.
This makes it an optimal platform for a high volume stablecoin. The Algorand blockchain’s Permissionless, Pure Proof of Stake algorithm facilitates the scale needed for a high transaction volume stablecoin and as well delivers the guaranteed transaction finality which creates dogged confidence for all the parties that are involved in the 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.
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.
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.
Written By Yusuf Muhammad — Algorand Ambassador