Coinsquare Looks To Be Introducing A Canadian Dollar-Pegged Stablecoin
By Tyler Smith – Cryptocurrency Investor
Canadian cryptocurrency exchange, Coinsquare, has announced plans to introduce a Canadian Dollar-pegged stablecoin. The coin is planned for use as a cross-border payments and remittance solution enabling users to buy cryptocurrency and trade freely.
The eCAD will be the first stablecoin launched that is pegged to the Canadian Dollar (CAD) and has been chosen by the Canadian exchange to try and aid the adoption of cryptocurrencies and increase crypto buying and selling. The exchange views this initiative as one of the first steps towards bringing ‘stability and opportunity to the Canadian cryptocurrency market’ by creating a transparent, economical and secure way of transferring value.
Just with many other stablecoins, launching the CAD will offer the Canadian and global markets the stability of a fiat currency whilst providing all the benefits of a cryptocurrency. The eCAD will be backed 1:1 with the CAD which means for every eCAD created and in circulation, one CAD will be held in a reserve bank. Traders will be provided with reassurances to buy and sell cryptocurrency, so they know their funds are secure.
The addition of the stablecoin to Coinsquares offering has been described as an opportunity to explore ways to enhance and optimise financial services. Coinsquare are already entering the cross-border payments within the remittance sector but will also look to address peer-to-peer lending, merchant solutions, trade settlement and FX conversions.
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