According to Coinbase Canada's CEO, Lucas Matheson, the exchange is investing an undisclosed amount in Stablecorp and will help market its fiat-collateralized stablecoin, QCAD.“It’s really important that we have a stablecoin for Canadians,” Matheson told Cointelegraph in an exclusive interview on May 13, adding that stablecoins are especially urgent because the country has “no peer-to-peer [payment] rail” and “wire transfers cost $45 and take 45 minutes of paperwork.”“With stablecoins, 24/7, instant, borderless payments become possible — this is already feasible with existing tech,” he said. Lucas Matheson (left) and Sam Bourgi (right) on the sidelines of the Futurist Conference in Toronto.
Source: StablecorpHowever, “Canada lacks a clear path for stablecoin adoption” in part because its government has yet to “remove securities regulation barriers for fiat-backed stablecoins,” Coinbase said in a March 26 blog post. It needs to begin “treating them as payment instruments rather than securities,” the exchange added.
Source: CointelegraphRelated: What Canada’s new Liberal PM Mark Carney means for cryptoBarriers to adoptionAs of May 13, stablecoins have an aggregate market capitalization of around $245 billion, primarily comprising US dollar-backed stablecoins Tether (USDT) and USDC (USDC), according to data from CoinGecko.
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Author / Journalist: Cointelegraph by Alex O’Donnell
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