FinTRAC to Regulate 3iQ’s CAD-Pegged Stablecoin

Canada Stablecorp, a joint venture between investment fund manager 3iQ and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term startup Mavennet, on Tuesday announced the launch of a Canadian dollar-pegged digital currency.

Dubbed QCAD, the coin is fully compliant with the framework of Canada’s Financial Transactions and Reports Analysis Centre (FinTRAC) and will be regulated by the anti-money laundering (AML) regulator starting this June under a certain business category, the company outlined.

Mentioning the development, Jean Desgagne, CEO of Canada Stablecorp, said: “We are excited to be creating an important piece of financial market infrastructure for Canada that will serve the digitization of capital markets and provide a robust payment and settlement solution.”

“QCAD represents a significant opportunity to set a new standard of transparency and auditability in digital currencies and will help drive trust and mass adoption of stablecoins.”

An ERC-20 token

The digital currency has been developed on the top of Ethereum’s blockchain network based on the ERC-20 token standard.

The announcement also detailed that the Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term has been listed on five exchanges - DVeX, Newton, Bitvo, Netcoins, and Coinsmart - and can be traded against Bitcoin, Ethereum, and USDC.

As seen on Etherscan, all tokens have been stored in five addresses with a total supply of over CAD150,000 (around $130,000) in stablecoins.

The developers also added support for the coin on digital custodian platforms like BitGo and Balance, along with payment and settlement through Bidali and Gilded Finance.

“We believe the future of equity and bond trading in this country will move towards digital rails. QCAD is in a position to act as the settlement mechanism for these next-generation solutions,” Fred Pye, president and CEO of 3iQ Corp, added.

3iQ also manages multiple private investment funds for crypto assets. Last year, it also filed a preliminary prospectus to float its Bitcoin Fund through an initial public offering on the Toronto Stock Exchange, Finance Magnates reported.