QCAD: 3iQ and Mavennet launch a stablecoin backed by the Canadian dollar

The blockchain specialist Mavennet Systems and the investment fund manager 3iQ have created a joint venture – Canada Stablecorp – and jointly launched a stablecoin backed by the Canadian dollar.

Launched today, QCAD is presented as "the first stablecoin in Canadian dollar designed for the mass market. " With their token, the two Canadian companies want to offer a less volatile asset than traditional cryptocurrencies like Bitcoin.

Built on blockchain Ethereum in the ERC-20 standard, the token is now available on several crypto exchanges such as DVeX, Newton, Bitvo, Netcoins or Coinsmart.

We are delighted to create an important component for Canada's financial market infrastructure. QCAD represents a great opportunity to set a new standard of transparency and audibility in digital currencies and will help build confidence and the widespread adoption of stablecoins, ”Said Jean Desgagne, CEO of Canada Stablecorp.

For 3iQ, this launch follows the recent approval of its Bitcoin Fund by the Ontario Securities Commission.

according to Kesem Frank, president of Mavennet, QCAD is "an important springboard for the Canadian financial market, which will create a solid link with the world of digital assets".