QCAD by Stablecorp Launches on Solana, Revolutionizing FX Trading Opportunities
Discover how QCAD, a CAD-pegged stablecoin, is revolutionizing the foreign exchange market on Solana. Explore the benefits of lower fees, seamless payment solutions, and improved accessibility to digital currencies.
Posted 10 months ago in Blockchain
QCAD, a CAD-based stable cryptocurrency by local fintech infrastructure vendor Stablecorp, has recently launched on the Solana blockchain, becoming its fourth blockchain platform. This move brings a wave of new opportunities for forex traders and opens up the possibility for swaps between fiat-pegged assets at significantly lower prices.
With QCAD now integrated into Solana-based dApps, users have the convenience of preloading payment cards and paying bills seamlessly. The integration of Solana Pay is also set to be announced in Q1, 2024, as per Stablecorp's statement.
Stablecorp's CEO, Alex McDougall, highlights the significance of this stablecoin for cross-border remittances and daily payment operations. Not only does QCAD offer efficient on-chain rails for users to convert their local currency into CAD, but it also eliminates the need for setting up a Canadian bank account.
As the first fully reserved CAD-denominated Digital Dollar, QCAD is backed 1:1 with cash and its equivalents held by Tetra Trust Company, a Canadian-regulated custodian. This provides stability and trust for users. Previously, QCAD had been rolled out on the Ethereum, Algorand, and Stellar blockchains to fill the gap for Canadian natives and traders.
The launch of QCAD on Solana unlocks novel opportunities for forex traders and arbitrage bots. By trading QCAD with Circle's USDC on Orca Finance, users can enjoy lower fees of just 0.15%. In contrast, fiat-only exchanges with credit cards and wire transfers charge fees of 4% or higher.
Overall, the introduction of QCAD on Solana marks a significant milestone in the development of stablecoins and their impact on the foreign exchange market. Forex traders now have access to a more cost-effective and efficient way of exchanging fiat-pegged assets, further bridging the gap between traditional finance and the blockchain ecosystem.
Last updated 9/23/2023, 9:15:28 AM
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