Stablecorp to work with Tetra Trust Company
and Grewal Guyatt LLP to provide transparency and industry-leading
reserve structuring as part of re-launch.
TORONTO, April 13,
2023 /PRNewswire/ -- Stablecorp, a leading
digital asset infrastructure company, today announced the
"re-launch" of QCAD, its Canadian Dollar denominated
stablecoin. 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
stablecoin. In order to maintain the one Canadian Dollar 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 Ethereum
("ETH"), Stellar ("XLM") and Algorand ("ALGO")
blockchains.
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.
"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 from the Canadian Securities Administrators, the
timing is perfect to bring Canadians a transparent, efficient
stablecoin," said Stablecorp CEO Alex McDougall. "We are thrilled to be working
with Tetra Trust Company and Grewal Guyatt LLP to deliver this
industry-leading structure and are eager to continue to reveal
partnership and use-case announcements in the near term."
"Transparency and properly regulated reserve structures are
critical parts of the mass adoption and success of stablecoins and
the digital asset market. As the only Qualified Custodian for
digital assets in Canada, Tetra is
excited to play such a critical role in creating an institutional
grade stablecoin like QCAD. We're happy to partner
with Stablecorp to deliver this valuable solution to Canadians,"
said Tetra Trust CEO Didier
Lavallée.
QCAD is distributed through an Authorized Dealer model whereby
wholesale institutional entities will contract directly with SDC
for the right to purchase and sell each QCAD at a fixed price of
one Canadian Dollar. SDC's ability to
fulfil these purchase and sale agreements is evidenced by the
disclosure and attestation of the reserves. Notably, QCAD itself
does not represent a direct claim on the underlying reserves or
against SDC, meaning that QCAD holders who are not Authorized
Dealers will not have a direct claim on the underlying reserves or
against SDC.
Authorized Dealers will also be able to purchase and sell QCAD
for US Dollar fiat or the US Dollar stablecoin USDC.
However, all proceeds from sales of QCAD will be converted into
Canadian Dollars before being moved into reserves to prevent
currency risk in the QCAD reserve structure. At launch, QCAD will
be available on Stablecorp's non-custodial Grapes Finance platform
as well as on institutional market making platforms DV Chain and
Shift Markets.
Stablecorp invites Canadian-regulated crypto asset
trading platforms interested in understanding more about how QCAD
could be used in light of the recent regulatory guidance outlined
in CSA Staff Notice 21-332 to contact us at
info@stablecorp.ca.
For further information on the structure, risks and benefits of
holding and transacting in QCAD and digital assets, Stablecorp has
created an in-depth FAQ section on its website. Monthly attestation
reports are also available on the Stablecorp website.
About Stablecorp
Stablecorp is a leading Canadian
fintech firm building stablecoin embedded solutions in
the payment, supply chain finance, on-chain FX and digital asset
trading space. Through its Grapes Finance Portal and API solutions,
Stablecorp has created a suite of embedded stablecoin
solutions that power a variety of financial use cases. For more
information, visit https://www.stablecorp.ca and
https://www.grapesfinance.com.
About Tetra Trust:
Founded in 2019, Tetra Trust is
Canada's only trust company
licensed to custody digital assets. Tetra received its Certificate
of Registration from the Government of Alberta on July 5,
2021 and meets the definition of a qualified custodian under
National Instrument 31-103 and National Instrument 81-102. The
Company is backed by Coinsquare, Canada's premier cryptocurrency
exchange digital asset trading platform; Coinbase Ventures, an
investment arm of Coinbase (NASDAQ: COIN); the Canadian Securities
Exchange; Mogo Financial Inc. (TSX: MOGO); Urbana Corporation (TSX:
URB); and others. Led by a first-class team of security and
business experts and a Board of Directors with extensive trust and
financial infrastructure experience, Tetra delivers the most
advanced digital asset storage technology in the industry. For
further information visit www.tetratrust.com.
Stablecorp Media Contact:
Sarah Ikalowych
(910) 448-0282
stablecorp@kcdpr.com
Tetra Trust Company Contact :
Didier Lavallée,
CEO
press@tetratrust.com
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SOURCE Stablecorp