One of the largest crypto exchanges in Canada has just announced it plans to launch a stablecoin linked to the Canadian dollar, the company reported yesterday through a press release.
According to the exchange, this new stablecoin, known as eCAD, will be backed by the Canadian dollar in a 1:1 ratio.
The crypto trading platform states that its intention is to make the eCAD an alternative to the existing stablecoins linked to the U.S. dollar.
The launch date of this new asset has not been revealed yet.
The crypto community has shown some skepticism towards this type of crypto projects since they do not really believe that these new assets are actually backed by real money. A clear example is Tether, which according to the company is backed by U.S. dollars in a 1:1 ratio. However, the community has criticized the project several times.
In an attempt to convince users, Tether hired a private company to carry out an audit which confirmed that every Tether token is actually backed by a U.S. dollar. However, this audit was conducted by a private firm and not by a public institution. As a result, its findings are not official.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.