QCAD by Stablecorp, rare CAD-pegged stablecoin, kicks off on Solana (SOL) to unlock wave of opportunities for FX traders
The stablecoin represents a fully reserved CAD-denominated Digital Dollar. QCAD is 1:1 backed with cash and its equivalents held by Tetra Trust Company, a Canadian-regulated custodian. Previously, the stablecoin was rolled out on the Ethereum , Algorand and Stellar blockchains.
So far, CoinMarketCap only tracks one CAD-pegged stablecoin, dubbed CAD Coin , which is solely traded on obscure decentralized exchanges. As such, QCAD attempts to fill the gap for Canadian natives and traders.Alex McDougall, CEO of Stablecorp, is excited by the importance of this stablecoin for the cross-border remittances segment and daily payment operations:
The power of Digital Money like QCAD is just beginning to be understood as integrations like this one with Solana come online. Picture a student coming to study in Canada who can now use on-chain rails to get into QCAD from their local currency extremely efficiently and can now use those same efficient rails to fund and spend on-campus and around Canada. All this without the hassle of setting up a Canadian bank account.
From the onset of its operations, QCAD is available on Stablecorp's native exchange platform Grapes Finance in pairs with the U.S. Dollar.The launch of the new stablecoin unlocks amazing opportunities for forex traders and arbitrage bots. For instance, once QCAD goes live on Orca Finance, it can be exchanged with Circle's USDC for a 0.15% fee.
However, on"classic" fiat-only exchanges with credit cards and wire transfers, such operations are charged with 4% fees and higher.
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