Foresight News reports that Canadian stablecoin issuer Stablecorp has completed a $1.8 million financing round, with investors including Coinbase Ventures and Side Door Ventures. The funds will be used to expand 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 the establishment of an independent trust, the QCAD Digital Currency Trust, to manage reserve assets, implementing daily market value reports, monthly reserve proofs, and annual audits. QCAD is currently operated by the crypto asset management company 3iQ in partnership with blockchain developer Mavennet Systems, which previously received a CAD 1.9 million investment from institutions including Circle Ventures in 2022.