Stablecorp Digital Currencies Inc. announced on Monday that QCAD Digital Trust has received approval to sell QCAD tokens to the public under Canada’s regulatory framework for stablecoins.
The company claims QCAD is the country’s first compliant Canadian-dollar stablecoin. It will be available to the public public through Stablecorp’s exchange network.
The approval “is the culmination of years of dedicated collaboration between Stablecorp, on behalf of the QCAD Digital Trust and members of the Canadian Securities Administrators,” Stablecorp said in a release.
Stablecorp is backed by several digital asset firms such as Circle, which issued U.S. dollar and Euro stablecoins, and Coinbase, the largest cryptocurrency exchange in the U.S.
Each QCAD maintains a value of one Canadian dollar by holding 1-to-1 dollar reserves for each issued QCAD at regulated financial institutions. The Canadian dollar reserves will be subject to regular audits.
Transactions with the token occurs nearly in real time and can be used in everyday exchanges like payroll, personal payments and e-commerce. Transaction costs can also be lower than that of traditional financial payment processing options, according to the release.