Stablecorp to Enable Payments and Ultra Low Cost CAD / USD On-Chain FX with QCAD on Solana
The rail enables global users of Digital Money and the Solana blockchain to diversify beyond USD holdings and access payments and FX in Stablecorp's digital dollar QCAD
TORONTO, Sept. 22, 2023 /CNW/ - Stablecorp a leading global digital asset player, announced the launch of the QCAD digital dollar on the Solana blockchain. This launch will put Canadian digital dollars in the pockets of the 8 million monthly active users on the Solana blockchain with a focus on using them for payments and the growing "on-chain FX" market.
Starting today, users globally can access QCAD / USDC foreign exchange pairs on decentralized venues across Solana including Orca at fractions of the cost of foreign exchange at traditional venues and with instant settlement. Currently, users of the Orca platform can exchange 5000 USDC for QCAD for less than 0.15% all-in cost including trading fees, price slippage and blockchain fees. This compared to approximately 4% when exchanging via credit card or wire, or approximately 0.6% when using other low-cost FX platforms. Users can also access QCAD from EURO, SGD and other leading global currencies with similar levels of efficiency.
QCAD can then be used for a variety of efficient use cases including pre-loading payment cards and paying bills like taxes and tuition. These use cases can be accessed on Stablecorp's Grapes Finance platform as well as more broadly through the ecosystem. Further integrations with payment platforms like Solana Pay are anticipated through Q1 of 2024.
"The power of Digital Money like QCAD is just beginning to be understood as integrations like this one wih Solana come online. Picture a student coming to study in Canada who can now use on-chain rails to get into QCAD from their local currency extremely efficiently and can now use those same efficient rails to fund and spend on-campus and around Canada. All this without the hassle of setting up a Canadian bank account" said Alex McDougall CEO of Stablecorp "we're extremely excited to bring these payment solutions to both existing digital asset native users as well as the next generation of users who are rapidly being onboarded to the space."
Additional details about Digital Money, currency diversification and On-Chain FX initiatives including those in the Solana ecosystem can be found in a recent report issued by Stablecorp along with Cumberland and Zodia Markets entitled "The Seven Defining Opportunities In On-Chain FX". Additional details on recent payment announcements in the Solana space can be found with VISA selecting Solana for their USDC settlements and Shopify selecting Solana Pay as an approved app in their merchant store.
QCAD is a fully reserved Canadian dollar denominated Digital Dollar. QCAD is 1:1 backed with Cash and Cash Equivalents held by Tetra Trust Company, a Canadian Qualified Custodian at Canadian Financial Institutions. The reserves are attested to monthly by Professional Chartered Accounting Firm Grewal Guyatt LLP. QCAD is available across the Ethereum ("ETH"), Solana ("SOL"), Algorand ("ALGO") and Stellar ("XLM") blockchains. Monthly attestation reports can be found here. FAQ and further details can be found here.
Stablecorp is a leading Digital Money infrastructure firm building solutions in the on-chain FX, payment, tokenization, and supply chain finance spaces. Through its QCAD Digital Dollar and Grapes Digital Money API, Stablecorp has created a suite of highly connected infrastructure solutions that power a variety of financial use cases. For more information, visit https://www.stablecorp.ca and https://www.grapesfinance.com.
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