![]() Meanwhile all through 2020, stablecoins have seen a significant demand with these coins, which are pegged to major fiat currencies, being developed by private companies alone, a fact that Christine Lagarde of the ECB recently expressed her concerns about. However, QCAD will be the first non-US dollar-backed stablecoin on Algorand. With the addition of QCAD, Algorand now has three stablecoins available on its mainnet, which includes Circle’s USDC, and Tether USDT. CEO of Stablecorp, Jean Deagagne believed that leveraging Algorand’s blockchain and its “growing ecosystem” would help them explore and scale “new enterprise and consumer implementations.” Algorand claimed it would support instant confirmation, micropayments and automatic wallet support for the newly hosted QCAD token.ĬEO of Algorand Foundation, Sean Lee added that the scale and speed of Algorand protocol would in turn enable “the high transaction volumes” that will facilitate “new and innovative consumer innovation” using QCAD.Īccording to a release shared with AMBCrypto, the implementation is a result of a partnership between Algorand and Stablecorp with the latter describing QCAD as the “first fully-compliant, mass-market Canadian Dollar stablecoin.”Ĭanada Stablecorp is a joint venture between 3iQ and Mavennet Systems and launched QCAD in February 2020 on Ethereum.
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