Canadian stablecoin issuer Stablecorp completes $1.8 million funding round, with participation from Coinbase Ventures

According to reports from Hash World News, Canadian stablecoin issuer Stablecorp has completed a $1.8 million funding round. The investors in this round include institutions such as Coinbase Ventures and Side Door Ventures. The funds raised will be used for infrastructure expansion of the CAD stablecoin QCAD, such as establishing on-chain foreign exchange liquidity and payment channel integration. The company announced simultaneous structural reforms for QCAD, including the establishment of an independent trust, QCAD Digital Currency Trust, to manage reserve assets, along with the implementation of daily market value reports, monthly reserve proofs, and annual audits. QCAD is currently operated jointly by crypto asset management company 3iQ and blockchain developer Mavennet Systems, and the project previously received a CAD 1.9 million investment from institutions including Circle Ventures in 2022.