Canadian stablecoin on the Algorand Blockchain

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This year is almost done and it already proved to us the continuous growth of digital currency adoption. We have seen a great acceptance of advanced payment and transaction methods. One thing we can say that contributes to it is the ongoing pandemic that we are facing since this adoption will help to lessen direct contact transactions. It also showed us how efficient digital transaction is with a faster and a safer way while reducing transaction time and cost. In the coming months or years, we will see wider adoption of this digital innovation and stablecoin not only from enterprises but also from the people who will use and benefit from it.

Now that we are getting ready with this innovation, digital stablecoin is also expanding. Blockchain technology plays a big role in order to make this happen and grow. Now, the first digital Canadian dollar stablecoin is also set to adopt and implement Algorand infrastructure in its ecosystem.

About QCAD

Let us first get to know the first mass-market Canadian dollar stablecoin, QCAD. QCAD is issued and managed by Stablecorp, a partnership between 3iQ and Mavennet that aims to build leading stablecoins that can dependably power a digital world.

QCAD was originally launched on Ethereum and is the first fully- compliant, mass-market CAD stablecoin that is supported by over 22 several ecosystem partners which include exchanges, custodians, payment providers, DEXs, etc. Through the implementation of the Algorand, it will give more opportunities to achieve mainstream use cases with higher-throughout and faster transaction speeds.

QCAD has the following key features:

Stable and Flexible - QCAD is a stablecoin that has a value of 1 Canadian dollar per every 1 QCAD. With its flexibility, it allows you to enjoy the full benefits of seamless settlement and full traceability.

Trusted Transparency - The firm assure to maintain the balance of its value in circulation that is published monthly and attested to by a third party.

Comprehensive Compliance - It implements rigid compliance policies, and requires a thorough onboarding measure by its authorized dealers.

Full Crypto Compatibility - It is compatible with the majority of cryptocurrency wallets and infrastructure around the world.

"As we begin to expand the use cases that will begin to bring wider adoption of QCAD, it is critical for us to have a robust and secure high throughput infrastructure, we believe leveraging Algorand's blockchain and its growing ecosystem will help us explore and scale new enterprise and consumer implementations." Said the CEO of Stablecorp, Jean Deagagne.

About Algorand

Algorand is the world's first open-source, permissionless, pure proof-of-stake blockchain protocol that removes barriers that hinder the mainstream adoption of blockchain. It empowers the Defi evolution by opening various opportunities to projects that aim to create and exchange value, build financial tools and services, bring assets on-chain, and provide responsible privacy models that will help in the growth of the Algorand ecosystem.

It is not the first stablecoin to issue on the network since they already have Circle's USDC and Tether's USDT. However, it will be the first non-USD backed stablecoin on the Algorand. With the recent partnership of Stablecorp with Algorand, they will be launching their digital asset on the Algorand blockchain. Stablecorp is part and a recipient of the Algorand Foundation Grants Program that strengthens and extends its mission for the borderless economy. The role of Algorand is that it will provide instant confirmation, micropayments, and automatic wallet support for the newly supported QCAD token. It will also enable the first synthetic-FX trading pair between a US dollar stablecoin and a Canadian dollar stablecoin on Algorand.

If you are interested to submit an application or to learn about the Algorand Foundation Grant Program you can check this: Grant Program

"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." According to the CEO of Algorand Foundation, Sean Lee.

Algorand, together with their hardworking team will provide technology that will improve the future economy to remove friction from any exchanges of value. The Algorand blockchain ensures scalability, security, and decentralization that makes it an ideal platform for a high volume stablecoin. The Algorand blockchain mechanism can guarantee a transaction finality that leaves great confidence in everyone involved in the transaction.





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