Exciting News from Coinbase: Canadian Stablecoin Coming Soon!
If youโre a crypto enthusiast, youโll be thrilled to hear that the top US crypto exchange Coinbase is planning to introduce a stablecoin pegged to the Canadian dollar on its platform. This development was announced via the social media platform X, with Coinbase revealing that it will be adding QCAD to its listing roadmap. Hereโs what you need to know about this latest addition to the crypto space:
QCAD Makes a Comeback
- QCAD, a stablecoin pegged to the Canadian dollar, was relaunched last year by Stablecorp, a digital asset company.
- Stablecorp has committed to maintaining reserves equal to or greater than the circulating supply of QCAD on public blockchains.
- QCAD is currently usable on Ethereum (ETH), Stellar (XLM), and Algorand (ALGO) blockchains.
Stablecorp’s Vision for QCAD
- According to Stablecorp CEO Alex McDougall, bringing QCAD back to the Canadian market at scale is a significant achievement.
- The stability of the Canadian banking system and favorable exchange rates with the US Dollar have boosted demand for QCAD.
- Regulatory clarity from the Canadian Securities Administrators has paved the way for the transparent and efficient operation of QCAD.
Neon EVM Support Announcement
- In addition to QCAD, Coinbase has also revealed its support for Solana (SOL)-based Neon EVM (NEON).
- Neon EVM serves as an Ethereum Virtual Machine (EVM) that empowers developers to create and deploy decentralized applications (DApps) on Solana.
- NEON functions as the utility token for gas fees and governance within the project.
NEON is currently trading at $1.14, reflecting a 3.5% decrease over the past 24 hours.
Hot Take: Is QCAD the Future of Stablecoins?
As the crypto space continues to evolve, the introduction of QCAD on Coinbase could signal a new era for stablecoins. With its peg to the Canadian dollar and commitment to transparency, QCAD offers a unique value proposition for users seeking stability and efficiency in their digital transactions. The support for NEON on the Solana network further expands the possibilities for developers looking to leverage blockchain technology for innovative applications.
Sources:
1. [Coinbase Announcement](https://twitter.com/CoinbaseAssets/status/1785001092301939089)
2. [Stablecorp Press Release](https://www.newswire.ca/news-releases/stablecorp-announces-re-launch-of-qcad-the-company-s-canadian-dollar-denominated-stablecoin-807235036.html)
3. [Coinbase Support Announcement](https://twitter.com/CoinbaseAssets/status/1784973324918964372)
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