Algorand Blockchain Adds Canadian Dollar Backed Stablecoin, QCAD, On Its Platform
Algorand blockchain welcomes its third stablecoin, QCAD, the Canadian dollar stablecoin built, issued, and managed by Stablecorp, a Canadian based fintech firm founded in a joint partnership with 3iQ, Canada's largest crypto asset manager, and Mavennet Systems, a blockchain development firm.
In a press release statement on Thursday, Stablecorp Inc, a Canadian dollar stablecoin issuer, announced its partnership with Algorand to launch its digital asset on the latter’s blockchain. Algorand offers decentralized applications and projects a secure, scalable, and decentralized network that Stablecorp aims to leverage by launching QCAD on top of the blockchain. Algorand Foundation also released a grant to Stablecorp to incentivize the development of the stablecoins capabilities atop Algorand.
Jean Deagagne, CEO of Stablecorp, is looking forward to leveraging Algorand’s “robust and secure high throughput infrastructure” upon integrating QCAD stablecoin, he said in a statement. Furthermore, Algorand’s unique capabilities aim to expand the use cases of QCAD to spark mass adoption of the asset and “explore and scale new enterprise and consumer implementations,” he added.
According to the statement, the QCAD project is the first fully-regulated and mass-market stablecoin, “currently supported by over 22 different ecosystem partners, including exchanges, custodians, payment providers, and decentralized exchanges (DEXes)”.
Apart from providing a secure and robust platform for the stablecoin, Algorand also allows microtransactions, instant confirmation times, and wallet support for the token. Algorand testnet recorded over 1000 transactions per second, way faster than Bitcoin or Ethereum transaction times – at 7TPS and 15TPS, respectively. Sean Lee, the CEO of Algorand Foundation, said in a statement to BEG,
“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.”
QCAD becomes the third stablecoin built atop Algorand blockchain following the additions of dollar-backed Tether (USDT) and Circle’s USDC stablecoin. As a high throughput blockchain, Algorand opens up the use of high volume stablecoins on its unique globally scalable, secure, and instant platform.
The Canadian government has also been on its feet monitoring digital currencies, the benefits and flaws of launching a CBDC, and the role of blockchain systems in the economy. Recently, Canada announced plans to team up with other G7 countries to launch the CBDC, calling for more global cooperation between nations.