Coinbase, one of the largest cryptocurrency exchanges, is teaming up with Canadian stablecoin issuer Stablecorp in an effort to expand access to tokenized Canadian dollars.
Coinbase and Stablecorp Collaboration
According to sources in Canada, Coinbase is investing an undisclosed amount in Stablecorp and will assist in marketing its stablecoin, QCAD. This was stated by Coinbase Canada's CEO, Lucas Matheson, during the Blockchain Futurist Conference in Toronto.
Benefits of Stable Currency for Canada
Matheson emphasized that having a stablecoin for Canadians is crucial, especially given the lack of a peer-to-peer payment system and the high cost of wire transfers, which can reach up to $45 and take up to 45 minutes to process. Stablecoins can facilitate instant, borderless payments at any time.
Barriers to Stablecoin Adoption in Canada
Coinbase noted that Canada faces obstacles for stablecoin adoption because the government has yet to eliminate regulatory barriers for fiat-backed stablecoins. The company is calling for a national strategy for digital assets.
The collaboration between Coinbase and Stablecorp highlights the significance of developing stablecoins in Canada, despite existing regulatory barriers. The acceptance of stable currencies could revolutionize financial transactions in the country.
