(Kitco News) – Coinbase continues to push for expansion into Canada as the top cryptocurrency exchange in the U.S. has announced that they will add support for QCAD, a stablecoin pegged to the Canadian dollar, in the coming months.
Assets added to the roadmap today: QCAD (QCAD)https://t.co/rRB9d3hSr2
— Coinbase Assets ?️? (@CoinbaseAssets) April 29, 2024
Coinbase announced that QCAD had been added to its listing roadmap as part of their promise to be more transparent about future listings.
QCAD was relaunched by Stablecorp in 2023, and the token is backed by reserves equal to or greater than the amount of the stablecoin in circulation on public blockchains, Stablecorp said.
The tokens are backed by cash and cash equivalents, and Stablecorp said they will issue monthly attestation reports to verify their reserve status. According to the February report, there were 169,303.77 QCAD in circulation backed by CAD $200,903.17 in Stablecorp’s reserves.
Coinbase said they will be offering support for QCAD on the Ethereum network, but the token is also available on the Stellar (XLM) and Algorand (ALGO) blockchains.
Last month, Coinbase became the first international crypto exchange to gain registration as a “restricted dealer” in Canada. The move to add QCAD to the platform suggests that Coinbase is looking to increase its appeal to Canadian investors as they see Canada as a “Go Deep market” that holds vast growth potential.
“Canada boasts an enthusiastic tech ecosystem that has the potential to be a leader in the global cryptoeconomy,” Coinbase said, noting that Canada ranked third among the most crypto-aware nation globally, according to a survey conducted by the exchange.
“We’ve collaborated with Canadian banks, investment advisors, and pension funds to demonstrate our dedication to facilitating their successful navigation of the evolving digital asset realm,” Coinbase added.
