Coinbase Plans To Offer Stablecoin Pegged To Canadian Dollar
Crypto exchange Coinbase is planning to offer a Canadian dollar stablecoin on its platform shortly after receiving an official license to operate within the country.
In a Twitter update on Monday, the company said it had added QCAD (QCAD) to its listing roadmap – a CAD-pegged stablecoin that was “re-launched” by Canadian fintech firm Stablecorp last year.
Much like other popular stablecoins such as Tether (USDT) and USD Coin (USDC), QCAD maintains its peg with full backing by reserves of equal or greater value to the number of tokens that have been issued.
According to Stablecorp, these tokens are backed by cash and cash equivalents, with monthly attestation reports to verify their reserve status. Its latest attestation report in February 2024 said there were just 169,303.77 QCAD in circulation versus $200,903.17 in Stablecorp’s reserves.
Assets added to the roadmap today: QCAD (QCAD)https://t.co/rRB9d3hSr2
— Coinbase Assets
Read more on cryptonews.com
