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Crypto Exchange Coinbase Adds New Canadian Dollar-Pegged Stablecoin to Listing Roadmap

May 01, 2024

The top US crypto exchange Coinbase has announced that a stablecoin pegged to the Canadian dollar could soon be trading on its platform.

Announcing via the social media platform X, Coinbase says it’s adding QCAD to its listing roadmap, which alerts customers that the company could soon add support for certain assets.

QCAD was relaunched last year by digital asset company Stablecorp with the promise to maintain reserves at least equal to the amount of QCAD in circulation on public blockchains. QCAD is available for use on Ethereum (ETH), Stellar (XLM) and Algorand (ALGO) blockchains.

Stablecorp CEO Alex McDougall said last year,

“We are extremely excited to bring this asset back to the Canadian market at scale. With the stability of the Canadian banking system and foreign exchange rates with the US Dollar at multi-year highs, we’ve seen demand for QCAD climb and on-chain foreign exchange volumes with USDC rise. Now, with increased regulatory clarity from the Canadian Securities Administrators, the timing is perfect to bring Canadians a transparent, efficient stablecoin.”

Coinbase also announced support for Solana (SOL)-based Neon EVM (NEON). Neon EVM is an Ethereum Virtual Machine (EVM) that aims to enable developers to build and deploy decentralized applications (DApps) from EVM chains to Solana. NEON serves as the project’s utility token for gas fees and governance.

NEON is trading at $1.14 at time of writing, down 3.5% in the past 24 hours.

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