QCAD, one of the newest stablecoin projects pegged to the Canadian dollar, makes Solana (SOL) its fourth blockchain platform. Forex traders can now make trades between fiat-pegged assets at 16x lower prices.
Multi-chain Canadian Digital Dollar, QCAD Coming to Solana (SOL): Details
QCAD, a CAD-based stablecoin from local fintech infrastructure provider Stablecorp, starts on top of the Solana (SOL) blockchain. It can be integrated into Solana-based dApps, to preload payment cards and pay bills, while the Solana Pay integration is expected to be announced in the first quarter of 2024, according to the Stablecorp statement.
The stablecoin represents a fully reserved digital dollar denominated in CAD. QCAD is backed 1:1 by cash and cash equivalents held by Tetra Trust Company, a Canadian regulated custodian. Previously, the stablecoin was implemented on the Ethereum (ETH), Algorand (ALGO), and Stellar (XLM) blockchains.
So far, CoinMarketCap only tracks one CAD-pegged stablecoin, called CAD Coin (CADC), which is only 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 about the importance of this stablecoin for the cross-border remittance segment and daily payment operations:
The power of digital money like QCAD is only beginning to be understood as integrations like this one with Solana come online. Imagine a student coming to study in Canada who can now use on-chain rails to access QCAD from their local currency extremely efficiently and who can now use those same efficient rails to fund and spend on campus and across Canada. . All this without the hassle of opening a Canadian bank account. We are very excited to bring these payment solutions to both existing digital asset native users and the next generation of users who are rapidly entering the space.
Since the start of its operations, QCAD is available on Stablecorp’s native Grapes Finance exchange platform in pairs with the US dollar.
New opportunities for Forex traders
The launch of the new stablecoin opens up incredible opportunities for forex traders and arbitrage robots. For example, once QCAD goes live on Orca Finance, it can be exchanged with Circle’s USDC for a 0.15% fee.
However, in “classic” fiat-only exchanges with credit cards and bank transfers, such operations are charged with fees of 4% or more.
As U.Today previously reported, a month ago, Solana (SOL) incorporated EUROe, the first regulated MICA-compatible stablecoin in the European Union.