Stablecorp, a Canadian stablecoin issuer, completes $1.8 million funding

According to Betakit, Canadian stablecoin issuer Stablecorp has completed a $1.8 million financing round, with the funds to be used for expanding the infrastructure of the Canadian dollar stablecoin QCAD, including establishing on-chain foreign exchange liquidity and payment channel integration.

The company announced that it will simultaneously carry out structural reforms for QCAD, including setting up an independent trust, the QCAD Digital Currency Trust, to manage reserve assets, implementing daily market value reports, monthly reserve attestations, and annual audits. QCAD is currently operated as a joint venture by crypto asset management company 3iQ and blockchain developer Mavennet Systems, and received a CAD 1.9 million investment from institutions such as Circle Ventures in 2022.