Coinbase is partnering with Canadian stablecoin issuer Stablecorp to improve access to tokenized Canadian dollars, a company executive has revealed at the Blockchain Futurist Conference in Toronto.
Lucas Matheson, CEO of Coinbase Canada, mentioned that the exchange is investing an undisclosed amount in Stablecorp and will assist in the promotion of its fiat-backed stablecoin, QCAD.
Matheson explained:
"It’s really important that we have a stablecoin for Canadians."
As of May 13, stablecoins had a total market capitalization of about $245 billion.
It must be noted that the Canadian stablecoin market encounters significant regulatory obstacles. Within Canada's Value-Referenced Crypto Asset (VRCA) framework, fiat-backed stablecoins are considered securities.
This classification restricts their functionality and imposes strict compliance measures, complicating their use for everyday transactions.