Stablecorp, a global digital asset leader, recently disclosed QCAD, the Canadian digital dollar, on the Solana blockchain. With this move, they aim to offer QCAD to the 8 million active Solana blockchain users worldwide, primarily for payments and the burgeoning “on-chain FX” market.
Canada Stablecorp, a subsidiary of Stablecorp, plays a pivotal role in reinforcing the Canadian identity of QCAD. This initiative represents more than just a digital currency. It symbolises Canada’s global digital asset landscape presence. As a trusted financial institution, Canada Stablecorp ensures that QCAD remains securely backed and readily accessible for users worldwide.
Cost-Efficient Foreign Exchange on Solana
Starting immediately, global users can trade in QCAD/USDC foreign exchange on decentralized Solana platforms like Orca. This is a groundbreaking development as it drastically reduces costs compared to traditional foreign exchange avenues, providing instant settlement.
On Orca, for instance, you can exchange 5000 USDC for QCAD with a mere 0.15% all-in cost, which includes trading fees, price adjustments, and blockchain charges. In contrast, exchanging through credit cards or wire incurs approximately 4% in fees, while other low-cost FX platforms charge around 0.6%. Additionally, users can access QCAD from EURO, SGD, and other major global currencies with equal efficiency.
Versatile Applications of QCAD
The applications for QCAD extend to various efficient use cases, including pre-loading payment cards and settling obligations like taxes and tuition fees. These use cases are accessible through Stablecorp’s Grapes Finance platform and are poised to expand across the ecosystem. Furthermore, expect further integrations with payment platforms, such as Solana Pay, in the first quarter 2024.
Alex McDougall, CEO of Stablecorp, elucidated the significance of digital money like QCAD, especially when integrated with platforms like Solana. He presented a compelling scenario of an international student studying in Canada who can effortlessly convert their local currency into QCAD using on-chain rails. Subsequently, they can utilize these efficient rails for on-campus expenses and throughout Canada without the hassle of setting up a Canadian bank account. This development benefits existing digital asset users and the next generation of users rapidly entering the digital asset realm.
Insights into On-Chain FX and Digital Money Diversification
For further insights into digital money, currency diversification, and on-chain FX endeavors, Stablecorp, in collaboration with Cumberland and Zodia Markets, published a comprehensive report titled “The Seven Defining Opportunities In On-Chain FX.” Additionally, Visa’s selection of Solana for USDC settlements and Shopify’s endorsement of Solana Pay as an approved app in their merchant store underscores Solana’s growing prominence in the payments sphere.
As for QCAD, it is a fully-backed Canadian dollar-denominated digital currency. Each QCAD is backed 1:1 with cash and cash equivalents, held by Tetra Trust Company, a qualified Canadian custodian at financial institutions in Canada. These reserves undergo monthly attestation by the reputable Chartered Accounting Firm Grewal Guyatt LLP, ensuring transparency and stability. QCAD is accessible across various blockchains, including Ethereum (ETH), Solana (SOL), Algorand (ALGO), and Stellar (XLM). For monthly attestation reports and more details, consult the QCAD FAQ and other resources.
Stablecorp: Pioneering Digital Money Infrastructure
Stablecorp, at its core, is a leading digital money infrastructure provider specializing in on-chain FX, payments, tokenization, and supply-chain finance solutions. Through its offerings, such as the QCAD Digital Dollar and Grapes Digital Money API, Stablecorp has crafted an interconnected suite of financial infrastructure solutions that power various financial applications and use cases.
In conclusion, Stablecorp’s launch of QCAD on the Solana blockchain is a significant development in digital money, offering efficient and cost-effective solutions for global users. This expansion benefits existing digital asset users and opens doors for a new generation of users, making digital currencies more accessible and practical for everyday transactions.
