Stablecorp to Re-Launch QCAD Stablecoin Pegged to Canadian Dollar

By Adriano Marchese

Digital asset infrastructure company Stablecorp said Thursday that it will re-launch its Canadian-dollar denominated stablecoin.

A stablecoin is a type of cryptocurrency that is pegged to another asset, usually a country's currency like the Canadian or American dollar.

Stablecorp said it will re-launch QCAD, which is issued by its subsidiary Stablecorp Digital Currencies Inc., which operates and manages the reserves of the stablecoin.

The company said that in order to maintain the one-to-one ratio of QCAD to Canadian dollar, it will maintain reserves of cash and cash equivalents equal to or greater than the amount of QCAD in circulation.

In the past, stablecoins have been a source of controversy and regulator scrutiny when issuing companies were accused of not being transparent with their reserves and what was backing the peg.

Stablecorp said the reserves will be held with Tetra Trust Company, and Stablecorp will release public reports to validate the volume of reserves as they relate to QCAD in circulation.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

04-13-23 0954ET