Relaunching of the Canadian Dollar Denominated Stable Currency – QCAD

04/13/2023 14:07 • Blockchain Briefs • 79 views

On April 13th, digital asset company Stablecorp announced that it will relaunch the Canadian dollar denominated stable currency QCAD, which will be issued by its subsidiary, Stablecorp Digital Currencies Inc., which operates and manages reserves of stable currency. The company stated that in order to maintain a 1:1 ratio between QCAD and the Canadian dollar, it will maintain reserves of cash and cash equivalents equal to or greater than the circulation of QCAD. （marketwatch）

Digital asset company Stablecorp to relaunch stable currency QCAD denominated in Canadian dollars

Stablecoin – a digital asset pegged to traditional fiat or a commodity, is emerging as an increasingly popular option for investors seeking a less volatile trading experience. As the name suggests, stablecoins offer price stability, often pegged to a fiat currency like the US dollar, Euro, and now the Canadian dollar. Stablecorp, a digital asset company has announced the relaunch of a Canadian dollar-denominated stable currency, QCAD.

An Introduction to Stablecoins

Stablecoins were designed to offer crypto traders an alternative to cryptocurrencies whose volatility is often caused by market sentiment and is difficult to predict. Stablecoins are a popular way of balancing the risk in crypto trading, offering a level of stability, which is absent in conventional cryptocurrency markets. They can offer financial security to those who seek to hedge within the digital currency realm, as they offer price stability and are not as susceptible to price fluctuations as other cryptocurrencies.

QCAD – A Relaunched Stablecoin

Stablecorp has announced that they will relaunch the Canadian dollar-denominated stablecoin QCAD. Stablecorp Digital Currencies Inc. will issue the stablecoin and manage reserves of the stable currency. The company has also stated that they would maintain reserves equal to or greater than the circulation of QCAD, which will ensure that there is a one-to-one ratio between the stablecoin and the Canadian dollar.

Advantages of QCAD

QCAD will offer its users several advantages over regular cryptocurrency transactions. Firstly, QCAD will offer greater price stability since it is pegged to the Canadian dollar. This will lower the level of volatility associated with cryptocurrencies and act as a hedge against the market’s violent swings. Secondly, the relaunch of QCAD is a clear indication of Canada’s growing interest and involvement in digital currencies.

Benefits to Investors

The relaunch of a stablecoin pegged to the Canadian dollar offers several advantages for investors. Firstly, investors will now have the ability to park their Canadian Dollars in a stablecoin yet ensure their value is secured and ensured against loss due to crypto-volatility. Secondly, investors can access the benefits of cryptocurrencies and blockchain technology while avoiding the risks and uncertainties that often accompany these investments. Furthermore, QCAD offers an excellent gateway for investors who seek exposure to the world of digital currencies.

Conclusion

The relaunch of QCAD, in a market with growing acceptance and adoption of digital currencies, bodes well for the overall crypto industry and marks an exciting development in the crypto market. The reentry of the Canadian market in the stablecoin arena is a step in the right direction, and the development of QCAD may lead to a more robust and vibrant cryptocurrency market in Canada.

FAQs

#Q1. What is a stablecoin?

A1. A stablecoin is a digital asset pegged to the value of a traditional fiat or commodity and offers price stability.

#Q2. What are the advantages of QCAD?

A2. QCAD offers greater price stability than regular cryptocurrency transactions. It also provides a gateway for investors to enter the world of digital currencies.

#Q3. What does the relaunch of QCAD indicate about the interest in Canada’s involvement in digital currencies?

A3. The relaunch of QCAD is an indication of Canada’s growing interest in and involvement with the world of digital currencies.

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