PANews reported on May 23 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 for 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, QCAD Digital Currency Trust, to manage reserve assets, implementing daily market value reports, monthly reserve attestations, and annual audits. QCAD is currently operated as a joint venture between crypto asset management firm 3iQ and blockchain developer Mavennet Systems, which received an investment of CAD 1.9 million from institutions including Circle Ventures in 2022.