Coinbase Expands Listing Plans with Canadian Dollar-Backed Stablecoin

Coinbase, the leading US cryptocurrency exchange, has revealed plans to introduce a stablecoin linked to the Canadian dollar on its platform. 

The announcement, made through social media platform X, signals the addition of QCAD to Coinbase’s listing roadmap, indicating potential support for this asset in the near future. QCAD, launched last year by Stablecorp, ensures reserves matching the circulating QCAD on public blockchains, and is compatible with Ethereum (ETH), Stellar (XLM), and Algorand (ALGO) blockchains. Stablecorp CEO Alex McDougall expressed enthusiasm about QCAD’s return to the Canadian market, highlighting the stablecoin’s transparency and efficiency amid favorable foreign exchange rates and regulatory clarity. 

Additionally, Coinbase disclosed its backing for Neon EVM (NEON), a Solana (SOL)-based Ethereum Virtual Machine (EVM) aiming to facilitate decentralized application (DApp) development and deployment on Solana. NEON functions as the project’s utility token for gas fees and governance. As of now, NEON is trading at $1.14, reflecting a 3.5% decline in the past 24 hours.

Clever Robot News Desk 2^nd May 2024