stablecorp

Stablecorp Digital Currencies Inc., a Canadian digital asset infrastructure company and QCAD digital trust fund service provider, today announced that after years of regulatory approval processes, the QCAD digital trust fund has received the final receipt for its prospectus, which complies with the current Canadian regulatory framework for stablecoins, allowing for the issuance of QCAD tokens. This marks the official recognition of QCAD as Canada's first regulated Canadian dollar stablecoin.

ChainCatcher news, according to PR Newswire, the bank-grade digital asset infrastructure provider Stablecorp announced the completion of a CAD 5 million strategic funding round, led by FTP Ventures, with participation from existing shareholders and new investors. The company previously received investment from Coinbase Ventures.The new funds will be used to expand its related digital currency infrastructure, including support for its fully backed digital currency QCAD, which is 1:1 supported by Canadian dollar reserves.

According to ChainCatcher, as reported by Betakit, Canadian stablecoin issuer Stablecorp has completed a $1.8 million financing round, with investors including Coinbase Ventures and Side Door Ventures. The funds will be used to expand the infrastructure for the Canadian dollar stablecoin QCAD, including establishing on-chain foreign exchange liquidity and payment channel integration.The company announced that it will simultaneously carry out structural reforms for QCAD, including the establishment of an independent trust, the QCAD Digital Currency Trust, to manage reserve assets, implementing daily market value reports, monthly reserve proofs, and annual audits. QCAD is currently operated as a joint venture between crypto asset management firm 3iQ and blockchain developer Mavennet Systems, and in 2022, it received a CAD 1.9 million investment from institutions including Circle Ventures.

ChainCatcher news, according to Cointelegraph, Coinbase Canada announced a strategic investment in Canadian stablecoin issuer Stablecorp, with the specific amount undisclosed. This collaboration aims to expand the application scenarios of Stablecorp's Canadian dollar stablecoin QCAD, which is supported by a 1:1 Canadian dollar reserve mechanism.Coinbase Canada CEO Lucas Matheson stated that this move will help address issues such as inefficiency and high costs in Canada's traditional payment systems. Currently, the global stablecoin market size reaches $245 billion, but Canada's regulatory framework has not clearly classified stablecoins as payment tools or securities, which has become a major obstacle to market development.