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Stablecorp Announces Re-Launch of QCAD, the Company's Canadian Dollar Denominated Stablecoin
Stablecorp Announces Re-Launch of QCAD, the Company's Canadian Dollar Denominated Stablecoin ...
About this update from Orion Digital Corp.
[{"type":"text","content":"\n \n \n \n Stablecorp Announces Re-Launch of QCAD, the Company's Canadian Dollar Denominated Stablecoin\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Stablecorp to work with Tetra Trust Company and Grewal Guyatt LLP to provide transparency and industry-leading reserve structuring as part of re-launch.\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n April 13, 2023\n \n \n /CNW/ -- Stablecorp, a leading digital asset infrastructure company, today announced the \"re-launch\" of QCAD, its Canadian Dollar denominated\n \n stablecoin\n \n . QCAD is issued by Stablecorp Digital Currencies Inc (\"SDC\"), a wholly owned subsidiary of Stablecorp dedicated exclusively to operating and managing the reserves of the\n \n stablecoin\n \n . In order to maintain the\n \n one Canadian Dollar\n \n value of each QCAD, SDC will maintain reserves of cash and cash equivalents equal to or greater than the amount of QCAD in circulation on public blockchains. Initially, QCAD will be available on the\n \n Ethereum\n \n (\"\n \n ETH\n \n \"), Stellar (\"XLM\") and Algorand (\"ALGO\") blockchains.\n \n \n \n \n \n \n \n \n \n The QCAD reserves will be held with Tetra Trust Company (\"Tetra\"). Tetra has opened an \"In Trust For\" account with a Canadian financial institution dedicated strictly to holding reserves of QCAD. To enhance transparency, SDC will be publicly posting monthly attestation reports to validate the volume of reserves as compared to the total circulation of QCAD. These attestations will be performed by Canadian Chartered Professional Accounting Firm Grewal Guyatt LLP. Stablecorp will also be evaluating available open banking technologies to increase attestation frequency.\n \n \n \"We are extremely excited to bring this asset back to the Canadian market at scale. With the stability of the Canadian banking system and foreign exchange rates with the US Dollar at multi-year highs, we've seen demand for QCAD climb and on-chain foreign exchange volumes with USDC rise. Now, with increased regulatory clarity...