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QCAD is the first completely-compliant, mass-market CAD stablecoin and is currently supported by more than 22 different ecosystem partners, including custodians, exchanges, payment providers, DEXs, and more.
FREMONT, CA: Stablecorp, the firm behind the issuance and management of the QCAD (the Canadian Dollar stablecoin), declared a partnership with Algorand, the leading secure, scalable, and decentralized blockchain network, to introduce the digital asset on the Algorand blockchain. Stablecorp has been awarded an Algorand Foundation Grant and through this collaboration will keep on growing the fiat-backed stablecoin capability on Algorand and will be the first non-USD backed stablecoin to be issued on the network.
QCAD is the first completely-compliant, mass-market CAD stablecoin and is currently supported by more than 22 different ecosystem partners, including custodians, exchanges, payment providers, DEXs, and more. Having originally introduced QCAD on Ethereum, Stablecorp's new implementation on Algorand gives way to the possibility for more mainstream use cases that need higher-throughout and faster transaction speeds.
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"As we begin to expand the use cases that will begin to bring wider adoption of QCAD, it is critical for us to have a robust and secure high throughput infrastructure," stated Jean Deagagne, CEO of Stablecorp. "We believe leveraging Algorand's blockchain and its growing ecosystem will help us explore and scale new enterprise and consumer implementations."
"The Algorand Foundation is delighted that Stablecorp has chosen to launch QCAD on Algorand," stated Sean Lee, CEO of the Algorand Foundation. "The global scale and speed of the Algorand protocol will enable the high transaction volumes that will facilitate new and innovative consumer innovation using QCAD."
Algorand is offering technology that will allow economies of the future to thrive as the friction is eliminated from any exchange of value. Algorand is designed to enable global scale, speed as well as security, which makes it a suitable platform for a high volume stablecoin.
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