Canadian bank plans to launch dollar-backed digital currency in the coming month

[Malam90]

Stablecorp CEO Jean Desgagne said VersaBank's digital currency was intended to provide an alternative to concerns over volatility and security in crypto markets.
In an announcement on Wednesday, VersaBank said it plans to launch a digital currency called VCAD, which will reportedly be backed by Canadian dollars deposited with the bank.

The Canadian bank claimed that VCAD would effectively be "the first digital currency to represent a fiat currency" issued and backed by a North American bank. VersaBank said it had partnered with Canada Stablecorp, a joint venture between investment fund manager 3iQ and blockchain firm Mavennet, to launch the "stablecoin."

The bank plans to make VCAD available to the public “in the coming months” by issuing the digital currency to its “financial intermediary partners” in exchange for Canadian dollar deposits. Those partners will then reportedly be able to offer VCAD directly to individuals and other businesses.

Stablecorp CEO Jean Desgagne said the digital currency was intended to address “two major shortcomings of the traditional cryptocurrency market,” namely volatility and security. The bank also plans to develop bank-issued digital currencies backed by the U.S. dollar and euro called VUS and VEuro, respectively.

VersaBank is one of the few fully digital financial institutions — there are no brick-and-mortar bank branches in which to conduct transactions. In addition, its subsidiary rolled out a digital safety deposit box for storing crypto.

Though not backed by a bank, 3iQ and Mavennet have already launched a regulated stablecoin pegged to the Canadian dollar. Earlier this month, the firms introduced an ERC-20 token called QCAD, which already has more than 170,000 tokens in circulation at a price of $0.7854, according to Etherscan — roughly $133,000.

In addition, VCAD is not the only Canadian dollar-pegged stablecoin on the Canadian market. Coinsquare currently backs eCAD and TrustToken's TrueCAD (TCAD) token. Source Link

[Fenix]

Of course, in the near future the central banks of many states will massively issue their digitized currencies and they will represent the fiat currency of the states. The Chinese digital yuan is now being tested and prepared for the official launch, and since the Canadian VCAD VersaBank plans to launch only in a few months, it is unlikely that VCAD will be the first digital currency to represent a fiat currency. However, if anything, Canada is making big strides towards stablecoin development.

[Giangphuong8489]

More positive news from crypto community Canaga after the BTC ETF showed its potential. I think VCADs will be an important ingredient in the crypto market in Canada as they can allow users to easily convert fiat to crypto, while also protecting crypto assets and profits when the market is volatile. The VCAD will increase the number of people entering the crypto market in Canada in the future.

[kulkhan]

Yes It Is Also Good News For All cryptocurrency Lovers. Canadian bank plans to launch dollar-backed digital currency in the coming month. Gradually all Country will Allow Digital Currency i Think it. Now Many Countrys are allowed Disital Stable Currency. In Future More Country will Add This Digital Revulsion.

[smrityirany]

Of course it's fantastic news for the crypto market . It will bring hope among the crypto traders though many developed countries of the world adopted some crypto currency for their money transection. Within very soon  Canadian bank plans to launch dollar-backed digital currency it also give courage among the crypto traders. Hope in future with maintaining all the rules and regulations it will get legality among the world.

[zorchy]

An excellent opportunity to create new heights in profit, good news for everyone

[damsix]

Bank of Canada is indeed very feasible to issue stable coins because the state of Canada is very open to cryptocurrency trading.
Many regulations in the state of Canada state that cryptocurrencies have rights that are not prohibited or allowed, so cryptocurrencies in that country can be used or not at all.

[aiviaa485]

VCAD must be able to compete with stable coins such as USDT, USDC and BUSD because these three coins are giants for stable coins and definitely have different advantages from each stable coin platform.
VCAD must also be flexible to new news that is launched in cryptocurrency because one day VCAD will definitely be needed and known throughout the cryptocurrency market.