Coinbase invests in Canadian stablecoin issuer to support QCAD

Coinbase Canada CEO has revealed plans for the local market to expand access to the Canadian dollar stablecoin.
On the 13th (local time), Coinbase Canada CEO Lucas
Matheson spoke to media at the Futurist Conference about the tokenized card.
The company announced that it has partnered with Stablecorp, a Canadian stablecoin issuer, to expand access to the NAD.
According to Madderson, the exchange will invest an undisclosed amount in Stablecorp to help market the company's fiat-backed stablecoin, QCAD.
"It's very important to have a stablecoin for Canadians," he said, adding, "Canada has no peer-to-peer (P2P) payment infrastructure, and wire transfers cost $45.
"The use of stablecoins will enable instant, borderless payments 24 hours a day, 365 days a year," he said, adding, "This is something that cannot be achieved with existing technology.
According to the QCAD fiat reserve report issued by Stablecorp, the amount of QCAD in circulation as of July 2024 is approximately $175,000.
In response, Coinbase wrote in a blog post on March 26 that "Canada, however, lacks a clear pathway for stablecoin adoption."
"Fiat-based stablecoins must be considered as a means of payment, not a security."