At the Blockchain Futurist Conference in Toronto, Coinbase, a major cryptocurrency company, announced its collaboration with Canadian stablecoin issuer Stablecorp. The firm has taken this initiative to expand access to tokenized Canadian dollars through its fiat-backed stablecoin, QCAD, so that people can use a digital version of the Canadian dollar easily.
Coinbase Canada’s CEO, Lucas Matheson, has announced that the exchange is investing an undisclosed amount in Stablecorp and will help promote QCAD. He thinks QCAD is super important for Canadians as it can make payments faster and easier.
“It’s really important that we have a stablecoin for Canadians,” Matheson said, noting the absence of a peer-to-peer payment system in Canada, where wire transfers cost $45 and require extensive paperwork. He further explained that stablecoins like QCAD enable instant, 24/7, borderless payments using existing technology.
The global market for stablecoins, cryptocurrencies tied to real money like the U.S. dollar, is huge and worth $245 billion as of May 13, according to CoinGecko. The biggest players are Tether (USDT) and USDC.
Coinbase has emphasized the regulatory challenges in Canada, where fiat-backed stablecoins face securities regulation issues. In March, the exchange urged the government to treat stablecoins as payment instruments, not securities, aligning with the U.S. SEC’s April ruling that coins that are marketed for payments are not securities.
As per the reports, Lucas Matheson, the head of Coinbase in Canada, wants the Canadian government to create a clear and transparent plan for cryptocurrencies and digital assets. He stated that cryptocurrencies are important for the country’s future.
However, Canada’s new Prime Minister, Mark Carney, has often shared his thoughts and opinions against cryptocurrencies, which makes people wonder and think about what crypto rules Canada might have going forward in the future.
Despite this, Coinbase is hopeful and is investing in Stablecorp to promote QCAD, a digital Canadian dollar. They believe QCAD can make payments easier and improve Canada’s financial system, encouraging new ideas in the country’s digital economy.
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