Source: Cointelegraph
Original: “Coinbase Invests in Canadian Stablecoin Issuer Stablecorp”
During the Blockchain Futurist Conference held in Toronto, a company executive told Cointelegraph that Coinbase has partnered with Canadian stablecoin issuer Stablecorp to expand access to tokenized Canadian dollars.
According to Lucas Matheson, CEO of Coinbase Canada, the exchange is investing an undisclosed amount in Stablecorp and will help promote its fiat-collateralized stablecoin QCAD.
In an exclusive interview with Cointelegraph on May 13, Lucas stated, “It is very important for Canadians to have a stablecoin.” He added that the need for stablecoins is particularly urgent because the country “lacks peer-to-peer payment channels,” and “wire transfer fees can be as high as $45 and require 45 minutes of paperwork.”
He also said, “With stablecoins, 24/7, instant, borderless payments become possible—existing technology can already achieve this.”
As of May 13, according to CoinGecko, the total market capitalization of stablecoins is approximately $245 billion, primarily consisting of dollar-backed stablecoins Tether (USDT) and USDC.
According to data from its website, Stablecorp's latest report on QCAD's fiat reserve support is dated July 2024, at which time the circulating QCAD was valued at only about $175,000.
However, Coinbase stated in a blog post on March 26 that “Canada lacks a clear path for stablecoin adoption,” partly because its government has not “removed regulatory barriers for securities related to fiat-backed stablecoins.” The exchange added that there is a need to start “viewing them as payment tools rather than securities.”
In April of this year, the U.S. Securities and Exchange Commission (SEC) stated that if stablecoins are marketed solely as a means of payment, they are not considered securities in the country.
Lucas stated, “We are asking the federal government to develop a national strategy for digital assets. Cryptocurrency is of strategic importance, and we hope the new government recognizes this.”
In April of this year, Canada elected Prime Minister Mark Carney in the federal elections. Carney has historically held a critical stance towards cryptocurrency.
Related: South Korea's Democratic Party Establishes "Digital Asset Committee"
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