Canadian fintech infrastructure provider Stablecorp has introduced its stable cryptocurrency, QCAD, onto the Solana (SOL) blockchain. The move opens up new avenues for global users of Digital Money and Solana blockchain, allowing them to diversify beyond traditional USD holdings and gain access to seamless payments and foreign exchange options in Stablecorp’s digital dollar QCAD.
In a statement by Stablecorp, they announced the integration of QCAD into Solana-based decentralized applications (dApps) for purposes such as preloading payment cards and settling bills. Additionally, Stablecorp hinted at an upcoming Solana Pay integration set to be unveiled in Q1 of 2024.
This initiative is expected to bring QCAD to the hands of the approximately 8 million monthly active users on the blockchain, primarily focusing on facilitating payments and the burgeoning “on-chain FX” market.
Starting immediately, global users can utilize QCAD/USDC foreign exchange pairs on decentralized platforms across Solana, including Orca, at a fraction of the cost incurred through traditional venues, offering instantaneous settlement.
For example, Orca platform users can exchange 5000 USDC for QCAD at a remarkably low all-in cost of less than 0.15%, encompassing trading fees, price fluctuations, and blockchain fees.
It starkly contrasts the approximate 4% cost incurred when exchanging via credit card or wire or the roughly 0.6% cost associated with other low-cost FX platforms. QCAD is also accessible from EURO, SGD, and other prominent global currencies with similar levels of efficiency.
QCAD’s Versatile Use Cases On Solana
Beyond foreign exchange, QCAD serves as an efficient solution for various use cases, including preloading payment cards and settling bills, such as taxes and tuition.
These functionalities are available through Stablecorp’s Grapes Finance platform and across the broader ecosystem. The company anticipates further integrations with payment platforms, such as Solana Pay, in the first quarter of 2024.
Alex McDougall, CEO of Stablecorp, highlighted the significance of QCAD and similar digital currencies, stating:
The power of Digital Money like QCAD is just beginning to be understood as integrations like this one with Solana come online.
For more in-depth information regarding Digital Money, currency diversification, and On-Chain FX initiatives, Stablecorp’s recent report, “The Seven Defining Opportunities In On-Chain FX,” co-authored with Cumberland and Zodia Markets, offers valuable insights.
Additionally, notable developments in the Solana ecosystem, including VISA selecting the SOL blockchain network for USDC settlements and Shopify endorsing Solana Pay as an approved app in their merchant store, can be found in recent payment announcements.
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