U.Today - QCAD, one of the newest stablecoin projects pegged to the Canadian dollar, makes Solana (SOL) its fourth blockchain platform. Forex traders can now perform swaps between fiat-pegged assets at 16x lower prices.
Multi-chain Canadian Digital Dollar, QCAD arrives on Solana (SOL): Details
QCAD, a CAD-based stable cryptocurrency by local fintech infrastructure vendor Stablecorp, kicks off on the top of the Solana (SOL) blockchain. It can be integrated into Solana-based dApps, for preloading payment cards and paying bills, while Solana Pay integration is expected to be announced in Q1, 2024, the Stablecorp says.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 (ETH), Algorand (ALGO) and Stellar (XLM) blockchains.
So far, CoinMarketCap only tracks one CAD-pegged stablecoin, dubbed CAD Coin (CADC), 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:
From the onset of its operations, QCAD is available on Stablecorp's native exchange platform Grapes Finance in pairs with the U.S. Dollar.
Novel opportunities for forex traders
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.
As covered by U.Today previously, a month ago, Solana (SOL) onboarded , the first-ever MICA-compliant stablecoin regulated in the European Union.