Coinsquare Announces the Launch the First Canadian Dollar Stablecoin

Coinsquare, a Canadian exchange, recently announced it will launch eCAD pegged with the Canadian dollar and become the first stable currency supported by Canadian currency.

The announcement states that each eCAD will be supported by one Canadian dollar and will be used for cross-border payments, remittances, peer-to-peer lending, merchant payment solutions, and trade settlement and foreign exchange conversion. Coinsquare CEO Cole Diamond said, “The launch of eCAD will create the first transparent, economic, and secure value transfer method for Canada and other regions without the risk of instability in the traditional cryptocurrency market.”

The application of stablecoins has become more and more popular. World Wire, a global real-time blockchain payment system launched by IBM, has supported the US dollar stable currency Stronghold for settlement purposes and is currently awaiting approval from the authorities. Six international banks have signed a letter of intent to issue stablecoins, including the Euro, Indonesian rupiah, peso, and Brazilian Real.