Canadian cryptocurrency companies are striving to launch the first local stablecoin. Despite the U.S. Senate advancing comprehensive stablecoin legislation, Canadian companies are still working to enable users to access the most basic stablecoin products. Toronto-based startup Stablecorp Digital Currencies Inc., backed by Coinbase Global Inc., submitted an application to regulators this month seeking approval to launch the first publicly available Canadian dollar-backed stablecoin product, QCAD. The application was submitted to the Ontario Securities Commission, following the announcement of an investment from Coinbase Ventures.

While the US Senate advanced far-reaching stablecoin legislation, Canadian companies are pushing to get even the most basic stablecoin products available for users in the country. A Toronto-based startup backed by Coinbase Global Inc. made a filing with regulators this month asking for approval to create the first publicly-available stablecoin backed by the Canadian dollar. The company, Stablecorp Digital Currencies Inc., asked the Ontario Securities Commission to approve its QCAD product a month after announcing backing from Coinbase Ventures. 

Canadian crypto company strives to launch the first local Canadian Dollar stablecoin QCAD